Estonia is considering the possibility of vetoing the 18th package of European Union sanctions against the Russian Federation if it does not include a provision to lower the price cap on Russian oil. The Estonian Ministry of Foreign Affairs believes that reducing the price ceiling from $60 to $45 per barrel would be the most significant component of the new sanctions package.
This is reported by Business • Media
Countries Block Changes to Oil Sanctions
However, Mediterranean countries with strong shipping sectors, including Cyprus, Greece, and Malta, oppose this restriction and demand its removal from the sanctions package. In response to this position, Estonia has stated its readiness to block the adoption of the 18th package if the price cap on Russian oil remains unchanged.
“The Estonian Ministry of Foreign Affairs believes that the previously planned reduction of the price ceiling from $60 to $45 per barrel would be the strongest part of the new sanctions package.”
Negotiation Dynamics and New Restrictions
On July 9, EU ambassadors again failed to approve the 18th sanctions package due to resistance from Slovakia. A consensus on new measures is expected to be reached this week, and the EU Foreign Affairs Council will discuss the issue on July 15.
Meanwhile, Norway is joining the EU’s sanctions policy and imposing restrictions against the Russian shipping companies Norebo JSC and Murman Seafood. These companies are suspected of collaborating with Russian espionage entities.
Ukraine has also harmonized its national sanctions with the 15th, 16th, and 17th packages of EU sanctions. The new restrictive measures target individuals and companies from the Russian Federation, China, Turkey, and several other countries.