EU agrees 21st Russia sanctions package targeting banks, crypto, oil
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The European Union has agreed on its 21st sanctions package against Russia, targeting banks, crypto companies, and oil trading platforms, according to EU Council President Ireland's Foreign Minister Helen McEntee. The package includes 32 additional Russian banks on the transaction ban list and freezes the oil price cap adjustment for one year. EU Commission President Ursula von der Leyen said the measures aim to weaken the economic foundations of Russia's war effort.
Sanctions Scope
The 21st sanctions package, proposed by the European Commission in June, includes 32 Russian banks added to the transaction ban list, targeting crypto companies and oil trading platforms, according to von der Leyen. For the first time, vessels supporting Russia's shadow fleet are targeted, and a formal ban on Russian fighters entering the EU was announced. The package also freezes the adjustment of the oil price cap for one year to prevent Russia from benefiting from market shocks.
Negotiation Hurdles
Negotiations among EU member states were prolonged due to disagreements, leading to some measures being softened. A key dispute involved a proposal to ban EU companies from transporting Russian LNG to third countries, which Greece opposed. Athens argued the ban would push ships to re-register outside the EU, undermining its effectiveness, and that it went beyond previously agreed frameworks.
Diplomatic Context
The sanctions agreement coincides with a 35-minute meeting between US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov on the sidelines of the ASEAN summit in Manila on July 23. Rubio stated they discussed the need to end the Russia-Ukraine war. Meanwhile, Bloomberg reported, citing sources close to the Kremlin, that Russia is no longer willing to make territorial concessions and aims to fully control Donetsk region by force.
What's Next
The sanctions package is expected to be formally adopted by the EU Council in the coming days. It remains unclear how Russia will respond to the tightened measures and whether the diplomatic track with the US can gain traction amid Moscow's hardened stance.
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EU agrees 21st Russia sanctions package targeting banks, crypto, oil
