President Nicos Anastasiades and Deputy Shipping Minister Vasilis Demetriades had repeatedly warned that the EU needed to ensure that its sanctions on Russia do not negatively impact the bloc or individual member states, especially when it comes to the shipping sector.

Last week, the EU further amended its FAQ, clarifying the application of provisions relating to the carriage of certain cargoes from Russia.

Contrary to the position taken by the EU in August, the FAQ now make it clear that the transport of coal and certain specified goods is, in fact, not prohibited when the goods are being carried to third countries.

Demetriades said the uncertainty created by the Commission’s FAQ caused disruption in the European shipping industry, and it led to a number of ships being removed from European registers – including Cyprus.

This decision left shipping companies that were bound by contracts outside Europe exposed, caused unfair competition and created a competitive advantage for third-party registries.

Moreover, the Commission’s interpretation of the FAQ led P&I clubs to decide not to insure ships, leaving shipping companies exposed, he added.

Source: In-Cyprus