Estonia is considering the possibility of blocking the adoption of the 18th sanctions package of the European Union against the Russian Federation if it does not include a reduction in the price cap on Russian oil. The Estonian Ministry of Foreign Affairs is convinced that lowering the price cap from $60 to $45 per barrel would be the most effective component of the new sanctions package.
This is reported by Finway
Estonia’s Position and Discrepancies in the EU
Countries in the Mediterranean with a strong shipping sector, including Cyprus, Greece, and Malta, oppose including the price cap reduction in the sanctions package. For this reason, Estonia is prepared to exercise its veto power and not support the 18th sanctions package without this provision.
“The previously planned reduction of the price cap from $60 to $45 per barrel would be the strongest part of the new sanctions package.”
On July 9, EU ambassadors failed to reach an agreement on the approval of the 18th sanctions package, as it was blocked by Slovakia. A final decision on this package is expected to be made by the EU Foreign Affairs Council on July 15 of this year.
New Sanctions from Norway and Coordinated Restrictions by Ukraine
Alongside the EU, Norway is also imposing sanctions against Russian shipping companies Norebo JSC and Murman Seafood, linked to espionage activities by the Russian Federation. Ukraine, in turn, has coordinated its own restrictive measures with the 15th, 16th, and 17th EU sanctions packages, resulting in sanctions being imposed on companies and individuals from Russia, China, Turkey, and other countries.