Media: EU made concessions to Cyprus, Greece and Malta to limit oil prices

The European Union has made concessions to Cyprus, Greece and Malta, which fear that the introduction of price limits on oil transported by sea will hurt their shipping industry, reports Politico.

Diplomats and senior officials said the three countries were concerned they would lose some of their tanker fleets, which are reportedly already abandoning EU flags in favor of the flags of China, Turkey and India to avoid the price cap imposed by the EU and the United States.

“Officials said the EU has already made concessions to these three countries and eased sanctions on other Russian goods such as fertilizers, cement and other products to soften the blow to their shipping industries,” Politico wrote.

In October, the publication reported that Hungary, as well as Cyprus, Greece and Malta, whose tankers carry Russian oil, oppose the EU price limits on oil transported by sea.