The West has come to expect this from Hungary or even Slovakia, but tiny Malta as a key holdout preventing European action against Russia?
European Union (EU) ambassadors have not yet reached an agreement on the bloc's 18th sanctions package against Moscow, largely due to Malta's stance on maintaining the current price cap on Russian oil, according to a senior EU official cited in several European reports.
Earlier reports indicated that Greece, Cyprus, and Malta had initially resisted lowering the cap from $60 to $45 per barrel.
While Greece and Cyprus did not oppose revisiting the oil price ceiling in a Sunday meeting, Malta remained firm in its position, arguing that its shipping industry, a vitally important sector to its national economy, would be deeply and negatively impacted by any changes.
As of now, Malta is the only country still holding out, with its permanent representative to the EU saying in a statement:
"We were unable to express political support during yesterday’s Committee of Permanent Representatives. However, discussions are ongoing, and Malta is constructively engaged with this goal in mind."
Russia's RT has also picked up on Malta's holdout position, noting that "Malta’s specific concerns have not been detailed, but a large number of ships fly the flag of the island nation."
It continues, "Its maritime insurance sector has previously expressed unease over measures that could drive shipowners to reflag outside the EU, causing economic harm to the bloc’s shipping registries and related industries."
The new sanctions package, which was first set before EU members in June, also impacts Russian gas, as it proposes a ban on the future use of the Nord Stream pipeline.
One European source provides the following overview of the stalled 18th anti-Moscow sanctions proposal by the EU:
Energy sector:
Financial sector:
Malta has long been accused of emerging as a new hotspot for Russia-linked ship-to-ship oil transfers amid the Ukraine war and resulting US-EU led sanctions...
Meanwhile, Malta's veto translates to EU leaders probably being forced to move forward with approving the package against Russia without including a revised oil price cap, while negotiations continue over energy supply assurances for Slovakia and Hungary.