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20% of Cyprus’ tanker fleet changes registration due to Russian oil price cap — newspaper

It is reported that Cyprus "was among the countries asking the European Commission to commit to compensatory measures offsetting the economic impact of tankers leaving EU-based shipping registries"

NICOSIA, December 6. /TASS/. About 20% of the Cyprus’ tanker fleet changed their registration after the European Commission announced the intention to set the price cap for the Russian oil in early October, the Cyprus Mail newspaper said on its website, citing Deputy Minister for Shipping Vasilis Demetriades.

"In Cyprus, about 20 per cent of the registered oil tanker fleet - measured in tonnage - has left the Cyprus shipping registry since October 6," the newspaper informed. This figure corresponds to approximately 900,000 metric tons of gross tonnage, it said.

Cyprus "was among the countries asking the European Commission to commit to compensatory measures offsetting the economic impact of tankers leaving EU-based shipping registries," the Cyprus Mail said.

The embargo on seaborne supplies of Russian oil to EU countries became effective on December 5. The EU countries also introduced the adjustable price cap for Russian oil supplied by sea at the level of $60 a barrel. The Group of Seven member-states and Australia made a similar decision.