Sweden, Finland call for EU maritime services ban on Russian oil, LNG exports

The EU should ban the provision of maritime services to Russian fossil energy exporters in the next sanctions package to further undermine Russia's war chest against Ukraine, the Swedish and Finnish foreign ministers said Jan. 12.

The European Commission is preparing a proposal for the EU's 20th sanctions package against Russia, subject to approval by the bloc's 27 member states, as the full-scale war launched on Feb. 22, 2022 nears its fourth anniversary.

Sweden's Foreign Minister Maria Malmer Stenergard and her Finnish counterpart, Elina Valtonen, said in a joint letter to the EC that Brussels should coordinate with G7 countries to impose "a full maritime services ban" against any ship transporting "Russian carbon-based energy resources" from Russian ports.

"We need to continue to put more pressure on Russia, to respond to Russia's continuing attacks against Ukraine and to weaken Russia's position in negotiations," according to the letter.

"This [maritime services ban] would substantially increase the transportation costs for Russia and ensure that no EU entity is involved in supporting this trade."

The public call came after the UK government in November said Britain, home to the world's largest marine insurance market, plans to prohibit maritime services for Russian LNG transit to third countries in 2026.

Russia is one of the world's largest oil and LNG exporters. Currently, the EU and G7 allow maritime services providers to participate in Russian seaborne crude and oil product exports if the barrels are sold below certain thresholds, and in Russian LNG trades as long as the counterparties are not sanctioned, regardless of the price.

Tanker operators in Greece, the EU's top shipowning nation, have continued to operate in Russia in compliance with various international sanction regimes since the war broke out.

Greek operators were responsible for shipping 844,000 b/d of Russian crude in the first 11 months of 2025, or 18% of Russia's total seaborne exports, according to data from S&P Global Commodities at Sea and Maritime Intelligence Risk Suite.

Dynagas, one of the largest Greek shipping firms, also has LNG carriers servicing the Yamal project on long-term charters.