Russia appreciated one European decision on the 20th package of sanctions

Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to the Rambler / Personal Finance magazine on why the 20th package of EU sanctions did not include a ban on services for the Russian oil transportation:

"On the one hand, this is a direct consequence of the crisis in the Persian Gulf. And the European Union is following the same path as the United States, that is, it is trying to facilitate the delivery of Russian oil to the world market, primarily to Asian countries. And this generally reduces the imbalance that has developed due to the closure of the Strait of Hormuz."

At the same time, the expert drew attention to internal disagreements in the EU: a number of countries actively resisted the ban, as it caused them direct economic damage. In his opinion, the decision is a compromise that is unlikely to remain final.

"There was quite a fierce debate within the EU on the issue of the ban. Greece, Cyprus and Malta, countries whose economies are directly dependent on the provision of oil transportation services, actively resisted. For them, a ban would mean serious economic damage. In particular, Greek shipowners have already lost significant market share due to previous restrictions. The introduction of a new ban would only worsen their situation. Thus, the current decision is a compromise dictated by both external circumstances (the situation around the Strait of Hormuz) and the internal economic interests of individual EU states. However, this is most likely only a temporary postponement. When the political and economic situation becomes more favorable, the issue of a complete ban will surely be raised again. I believe the European Commission will continue to insist on imposing an embargo, including on services for the transportation of Russian oil and gas," Belogoryev said.

Speaking about the impact of the European decision on Russia, the expert noted that it does not provide new advantages, but only preserves the current conditions.