EU foreign ministers have approved a new mechanism to sanction entities involved in unauthorized oil drilling in Cypriot waters. But Turkey can avoid financial penalties if it ends its illegal drilling, diplomats said.
EU foreign ministers backed the mechanism as a way "to sanction individuals or entities responsible for, or involved in, unauthorized drilling activities of hydrocarbons in the Eastern Mediterranean."
Authorities will now have time to develop a list of people and entities to target. European officials did not set a timeline for implementation, giving Turkey an opportunity to back down from drilling in the vicinity before sanctions could be enforced.