Malta is reportedly resisting the European Commission’s proposal to further lower the price cap on Russian oil exports, which is part of the bloc’s 18th sanctions package against Moscow over its role in the Ukraine conflict. The measure would replace the current $60 per barrel limit with a floating cap set 15% below the average global price over three months. The issue came up during a meeting of the Committee of Permanent Representatives, where one member state entered a technical reservation. Malta’s concerns, though not detailed, are linked to its maritime insurance sector and fears of shipowners reflagging outside the EU, which could harm the bloc’s shipping registries and related industries.
The sanctions package also includes a ban on the Nord Stream pipeline, restrictions on Russian refined products, and sanctions against 77 vessels believed to be part of a Russian shadow fleet. Meanwhile, Slovakia, which initially blocked the 18, may endorse the package if Brussels eases the impact of phasing out Russian energy under the RePowerEU plan. Moscow has condemned the sanctions, calling them illegal and counterproductive, with President Vladimir Putin setting their lifting as a condition for resolving the Ukraine conflict.