The European Union was preparing what could have been the most devastating measure against Russia's oil industry: a ban on old tankers carrying Russian oil from docking. The measure would have hit the so-called "shadow fleet" - aging tankers without adequate insurance that form the backbone of Russian oil exports.

But the proposal was withdrawn. The reasons are complex: Greece, one of the world's largest ship-owning nations, quietly lobbied against it. Energy insecurity on the global market, amplified by the Hormuz crisis, made Brussels back away from a move that could have further raised oil prices.

For Russia, this is an enormous relief. The shadow fleet is the backbone of its oil exports since Western sanctions were imposed. Without it, the Kremlin would lose a key revenue source.

For the Balkans - every oil price increase transfers faster than it drops. And Brussels just abandoned a tool that could have changed the balance. The question is: for whom?