Greece, Cyprus Drop Opposition To EU's Russian Oil Price Cap - Reports

Greece and Cyprus have caved in to the European Commission's pressure to back its effort to limit the price of Russian crude exports to third countries as part of its next sanctions package, media said Tuesday

MOSCOW (UrduPoint News / Sputnik - 04th October, 2022) Greece and Cyprus have caved in to the European Commission's pressure to back its effort to limit the price of Russian crude exports to third countries as part of its next sanctions package, media said Tuesday.

This leaves Malta as the only holdout, according to people familiar with the matter, who were cited by news website Euractiv. EU envoys will meet on Tuesday evening in the hope of finalizing the price cap.

The EU's seafaring nations have until recently opposed the move to ban Russia from shipping oil save crude traded at or under the price agreed by the West because of disproportionate damage this would do to their economies.

"There is a lot of frustration with the problem being created here, as by many it is not considered to be on the same level given the economic hits that everyone else has been swallowing over the past months," an EU diplomat reportedly said.

EU leaders may announce the eighth sanctions package against Russia at their informal summit in Prague later this week. The European Union banned imports of Russian oil in June, with the exemption for seaborne oil.