EU envoys agree 21st Russia sanctions package
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European Union ambassadors on Thursday agreed on a 21st package of sanctions against Russia over its war in Ukraine, after weeks of negotiations. The deal extends the oil price cap for 12 months and includes new restrictions on finance, crypto, and LNG transport. The package is expected to be formally adopted by the Council of the EU later on Thursday.
Key Elements
The 21st sanctions package extends the existing oil price cap for 12 months, which an EU diplomat said will deprive Russia of significant oil revenues amid energy market instability. It includes the largest number of individuals added to the sanctions list in the last four years, according to the diplomat. The package also introduces broad restrictions on Russia's financial sector, new measures against cryptocurrencies, additional listings of shadow fleet vessels, and trade curbs targeting Russia's military industry.
LNG Compromise
The last unresolved issue concerned the transport of Russian liquefied natural gas (LNG) to third countries. The compromise provides a limited exemption for such shipments and related purchases under contracts signed before February 24, 2022, according to an EU diplomat. European operators are prohibited from expanding such operations, and the Council will review the exemption annually. A diplomatic source told 1news that Greece, a major LNG shipping operator, will be able to continue delivering Russian LNG to third countries.
Political Significance
European Council President António Costa called the package "another decisive step to increase pressure on Russia," targeting energy, financial services, crypto, and trade. An EU diplomat said the agreement maintains unity among member states and demonstrates commitment to supporting Ukraine. The package also includes measures to prepare restrictions on visas for former Russian combatants in Ukraine.
What's Next
The Council of the EU is set to formally adopt the package through a written procedure later on Thursday. It remains unclear how Russia will respond to the new restrictions and whether the LNG exemption will be extended beyond the annual review.
6 sources
EU envoys agree 21st Russia sanctions package
