Greek And Malta Shipowners Succeed In Killing EU’s Russian Oil Tanker Ban

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gCaptain/Blooomberg: Greek Shipowners Kill EU’s Russian Oil Tanker Ban 

(Bloomberg) The European Union is set to soften its sanctions package on Russian oil exports after a weekend of wrangling, though it aims to keep a key shipping provision that will hinder Moscow’s ability to export its crude. 

The bloc will drop a proposed ban on EU-owned vessels transporting Russian oil to third countries, according to documents seen by Bloomberg and people familiar with the matter. 

Critically, a prohibition on insurance is still in the works and would remain a significant impediment to exports.  

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WNU Editor: I am not surprised by this development. Europe needs Russian oil one way or another. 

A prediction. 

These oil tankers will still pick up Russian oil at Russian sea ports. Make a beeline to a European port with their cargo, and while in transit this oil will be sold and resold and resold (all at a premium) to mask where this oil is coming from and to satisfy insurance requirements. In the end this Russian oil will end up in Europe, albeit at a very high cost for the European consumers. 

The big winners will be Russian oil companies, the Kremlin, and the Greek/Maltese/etc. shipping oligarchs. 

 Greek And Malta Shipowners Succeed In Killing EU’s Russian Oil Tanker Ban  

Proposal to ban EU-tankers transporting Russian oil halted by Greek shipowners -- Greeck City Times  

Brussels back-tracks on shipping ban for Russian crude after Malta, Greece protests -- Malta  

EU ditches ban on oil tankers that ship Russian crude to third countries, but keeps restrictions on insurers, report says -- Business Insider