Nicosia not happy with vessels ban

Cyprus reportedly has concerns over a US request to ban vessels transporting Russian oil, with the island feeling the pressure as Washington leads a G7 effort to sharply reduce Russian oil revenue.

G7 leaders attending a summit this week searched for ways to contain oil prices, aimed at hurting Russia but not Western allies.

Cypriot Finance Minister Constantinos Petrides received a phone call on Monday from US Treasury Secretary Janet Yellen, who was rounding up allies to ensure Moscow would not be able to profit from higher global energy costs.

Later Yellen wrote on Twitter that the US “will work expeditiously with our counterparts in G7 countries, and other global allies and partners, to advance this effort to limit the price of Russian oil.”

But Nicosia, a major player in the maritime world, reportedly had concerns over recent moves to ban Russian oil, according to Bloomberg: “The US is also pushing Cyprus to impose a ban on Cypriot-flagged vessels transporting Russian oil to third countries, according to a person familiar with the matter,” Bloomberg wrote.

It noted Petrides raised concerns over a vessel ban, pointing out that other countries were not imposing sanctions on Russia.