EU Seals 21st Sanctions Package on Russia, Oil Cap Frozen Amid Disputes

Ahmed Mohammed 3 hours ago
Copyright AP Photo/Michael Probst
Copyright AP Photo/Michael Probst

European Union states on Thursday approved a diluted new round of sanctions against Russia over the war in Ukraine, agreeing to freeze the level of the bloc’s oil price cap after weeks of internal wrangling.

The package, the EU’s 21st since Moscow’s 2022 invasion, was delayed by objections from several member states over proposed measures. European Council President Antonio Costa said the sanctions “target the sectors with the highest impact: energy, financial services, crypto, and trade.”

Diplomats confirmed the final breakthrough came after Greece secured an exemption allowing one of its shipping firms to continue transporting Russian liquefied natural gas from the Arctic.

Ambassadors had been racing to lock in a $44 cap on Russian crude exports before a looming deadline that risked a sharp increase. Under the deal, the current level will remain fixed for 12 months, aimed at preventing Moscow from profiting off rising oil prices driven by Middle East turmoil.

The sanctions also expand restrictions on Russia’s financial and crypto sectors and blacklist dozens more officials. However, a proposed sweeping visa ban on Russians who fought in Ukraine was postponed, with only a pledge to revisit the idea later.

Other measures were stripped out: Bulgaria blocked sanctions against Russian Orthodox Patriarch Kirill, while Portugal and France opposed a ban on imports of Russian cod and Alaskan pollock.

Ahmed Mohammed

3 hours ago