EU agrees 21st sanctions package on Russia, Greece wins LNG exemption

The European Union has finalized its 21st sanctions package against Russia, aiming to increase pressure on Moscow. European Council President Antonio Costa announced the package, emphasizing its focus on key sectors like energy, financial services, cryptocurrencies, and trade. He stated the EU's support for Ukraine remains unwavering.

The sanctions include further restrictions on financial sector transactions and new measures against cryptocurrencies. They also target Russia's military industry and its "shadow fleet" used to transport oil above the Western-imposed price cap. The agreement, pending formal confirmation from member states, freezes the price cap for Russian oil at $44.10 per barrel for 12 months, a compromise from the initial six-month proposal.

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The 21st sanctions package covers the most important sectors: energy, financial services, cryptocurrencies, and trade. Our support for Ukraine and for a just and lasting peace remains unwavering.

Negotiations were prolonged, with Greece initially resisting aspects of the package. Athens successfully secured an exemption allowing the transport of Russian liquefied natural gas (LNG) to third countries under contracts predating Russia's invasion of Ukraine. This exemption, however, is subject to annual review by EU member states and does not permit expanded transfers by EU operators. Greece had sought to ease previous restrictions on Russian LNG sales, fearing they would also hinder transport to non-EU nations.

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A compromise was reached on the contentious issue of LNG transfers to third countries.