Estonia has expressed its firm intention to block the 18th package of European Union sanctions against Russia if the final document does not include a reduction in the price cap on Russian oil. Official Tallinn insists that this measure must be a key part of the new sanctions package.
This is reported by Finway
Estonia’s Position on Oil Sanctions
Estonian Foreign Minister Margus Tsahkna emphasized that his country is advocating for a strict stance on lowering the maximum price of oil exported from Russia. According to him, the European Commission initially proposed reducing the price ceiling from the current $60 to $45 per barrel, and this initiative should remain in the final sanctions package.
“We take a very clear position that the reduction of the oil price must be included in this package. We have a very firm stance on this issue,” the country’s Foreign Minister Margus Tsahkna was quoted by ERR.
Tsahkna stressed that a lower price cap would become the most powerful tool to influence the Russian economy. He also noted that some EU countries, particularly Mediterranean states with developed shipping sectors, such as Malta, are opposed to this move and are trying to exclude this provision from the final text.
Impact of the Decision on Future Sanctions Policy
All decisions in the EU’s foreign policy are made by consensus, so Estonia’s position could be crucial for the fate of the sanctions package. Tsahkna stated that Tallinn aims to preserve the original draft of the European Commission and opposes any attempts to weaken it. He also expressed hope that Estonia’s initiative would be supported by leading EU states.
The minister reminded that the current price cap of $60 per barrel has been in place for two years, and until now, major Western countries have not supported its reduction. However, there is now a willingness among G7 countries to lower the price cap on Russian oil. Additionally, recent signals from the United States indicate an intention to increase pressure on Russia through new restrictions. Tsahkna pointed out that if both the American sanctions package, developed at the initiative of Senators Lindsey Graham and Richard Blumenthal, and the new EU sanctions come into effect simultaneously, it could create significant pressure on the economy of the Russian Federation.