EU Ambassadors Reach Consensus on 21st Sanctions Package Against Russia After Greece Relents
EU diplomats said they secured agreement on the bloc's 21st sanctions package, including a year-long oil price cap and expanded financial restrictions, after Greece lifted its veto.
EU ambassadors approved the European Union's 21st set of sanctions targeting Russia on the morning of July 23, ending a series of postponements caused by objections from Greece. The details of the measures have not yet been released, and the package still requires a formal vote by EU ministers, but it is reported to be less extensive than the European Commission's original draft.
"The negotiations on this package have been challenging, but we found agreement on the remaining issues while maintaining EU unity as we have in the previous 20 packages," an EU diplomat told journalists.
Ukraine's sanctions chief Vladyslav Vlasiuk welcomed the development, saying the agreement shows the difficulty of reaching consensus on certain decisions and noting that the package is strong on financial sanctions while work on a 22nd package has already begun.
A key element retained from the Commission's proposal is a 12-month price cap on Russian oil, setting the price at $44 per barrel and preventing it from rising to $58 under market pressures. The EU diplomat said the measure aims to limit Russia's oil revenue amid volatile energy markets.
The package also keeps almost all of the roughly 250 entities proposed for sanctioning by the EU's External Action Service, the highest number of listings in a single package since 2022, and maintains other financial and cryptocurrency restrictions.
Commission President Ursula von der Leyen highlighted the inclusion of 32 Russian banks and, for the first time, vessels assisting Russia's shadow fleet. However, proposals such as trade restrictions on Russian fish and an immediate ban on Russian soldiers were omitted, with ambassadors agreeing to language that commits future action on those issues.
Individual member states secured specific concessions: Bulgaria blocked the addition of Patriarch Kirill of the Russian Orthodox Church to the sanctions list; Austria obtained a win for Raiffeisen Bank, which continues operations in Russia; and Greece reached a compromise allowing pre-invasion LNG contracts to remain in force with an annual review, while barring new contracts.
EU ministers are expected to adopt the package by written procedure, after which further details may be published.