EU sanctions package approved with Greek gas exemption and oil price-cap freeze
EU leaders reached a new sanctions deal on Russia that preserves Greek-linked LNG shipments for a year and freezes the Russian crude oil price cap for 12 months.
EU ministers concluded a 21st sanctions package against Russia on Thursday, allowing Greece to continue shipping Russian liquefied natural gas (LNG) to non-EU customers under contracts signed before the invasion of Ukraine. The exemption bars new EU contracts but keeps existing deals, which cover a significant share of Novatek’s Yamal LNG exports handled by Greek carrier Dynagas.
The agreement also includes a 12-month freeze on the EU’s $44.10-per-barrel price cap on Russian crude oil, which was due to rise due to market factors.
"It will prevent the Russian war machine from benefiting from market shocks," EU Commission President Ursula von der Leyen wrote on the social platform Bluesky.
Analysts note that the LNG carve-out is unlikely to curb Moscow’s earnings, as it preserves the full volume of Greek-owned contracts dating back to 2015. The exemption is set for one year and will automatically renew unless EU capitals decide otherwise during a review, a process that requires unanimity.
Other measures in the package tighten controls on Russian maritime activities, expanding the shadow-fleet blacklist and banning 32 Russian banks from EU transactions. A proposed ban on Russian fish exports was removed after lobbying from the fishing industry.
The deal also makes it more difficult for former Russian armed-forces personnel to obtain EU entry, reflecting a narrower approach to personnel restrictions after broader proposals faced implementation concerns.