Malta Opposes Lower Russian Oil Price Cap
(MENAFN) Malta has expressed opposition to a proposal by the European Commission that seeks to further reduce the price ceiling on Russian oil exports, according to a news outlet, which cited sources from EU diplomatic circles.
The proposal reportedly became a point of contention during a Sunday gathering of the Committee of Permanent Representatives.
A news agency added that one EU nation had placed a “technical reservation” on the matter.
The proposed adjustment is part of the European Union’s 18th set of sanctions aimed at penalizing Moscow for its involvement in the ongoing Ukraine war.
A key element of this package is the implementation of a variable price cap on Russian crude oil, to be set at 15% below the average international price calculated over the last three months.
This new cap would replace the standing $60-per-barrel limit that was enacted in 2022.
Under the rules, EU nations and ships operating under their flags are prohibited from transporting Russian oil if it is sold above the designated cap.
Although Malta’s exact objections have not been publicly outlined, the country’s significant maritime sector may be a factor.
Many vessels carry the Maltese flag, and its marine insurance industry has previously voiced apprehension about policies that might prompt shipowners to register their ships outside the European Union.
Such a shift could negatively impact the EU’s ship registries and associated economic sectors.
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