Estonia may block the adoption of the European Union’s (EU) 18th sanctions package against Russia if the price cap on Russian oil is not dropped to 45 U.S. dollars per barrel, Minister of Foreign Margus Tsahkna has indicated on Wednesday.
Last month, President of the European Commission, Ursula von der Leyen, proposed that Western countries reduce the price at which Russian oil can be sold to 45 U.S. dollars a barrel, down from the current 60 U.S. dollars. The price was agreed in 2022, when oil traded at well over 100 U.S. dollars a barrel, with the aim of reducing Russia’s revenues from fossil fuels.
The EU’s sanctions prohibit member states’ merchant vessels from transporting Russian oil if it is sold above the cap. Likewise, EU-based insurers and other service providers are barred from servicing such vessels.
On Tuesday, Estonian news portal Delfi reported that Mediterranean countries with large shipping sectors, particularly Malta, want the requirement removed from the package.
As a result, Estonia is considering vetoing the adoption of the 18th package if it does not include the new price cap, Tsahkna said. Decisions in EU foreign policy require unanimous agreement among member states.
The minister also stressed that negotiations about the sanctions package are ongoing and no country, including Estonia, has made a final decision. Enditem
Source: Xinhua
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