EU approves scaled-back sanctions package against Russia

European Union countries have agreed to a new, diluted sanctions package against Russia concerning the war in Ukraine, following weeks of contentious negotiations. This marks the 21st set of sanctions imposed by the EU since Russia's full-scale invasion in 2022.

The approval process was reportedly stalled by numerous objections from member states regarding various proposed measures. European Council head Antonio Costa announced that the package targets critical sectors such as energy, financial services, cryptocurrency, and trade. However, the final agreement was reached after Greece secured an exemption, allowing one of its shipping companies to continue transporting Russian liquefied natural gas from the Arctic.

Ambassadors from the 27 EU member states had been working urgently to finalize an agreement that would maintain the existing price cap on Russian crude oil exports at $44 for the next 12 months. This measure aims to prevent Moscow from profiting from potential surges in oil prices, exacerbated by the ongoing conflict in the Middle East.

The new sanctions also include measures against Russia's financial and crypto sectors and add more Russian officials to a blacklist due to their involvement in the war. Notably, a proposed sweeping visa ban for Russians who fought in Ukraine, intended to prevent their entry into the bloc, has been postponed. Diplomats indicated that there is only a commitment to work towards such a ban in the future, with various other elements also being removed from the original proposals. Bulgaria successfully blocked the inclusion of Russian Orthodox Patriarch Kirill on an asset freeze and visa ban list, while Portugal and France objected to a ban on imports of cod and Alaskan pollock from Russia.

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Our 21st sanctions package targets the sectors with the highest impact: energy, financial services, crypto, and trade.