EU's 21st Sanctions Package Against Russia Expected June 8-9

The European Commission plans to unveil the European Union's 21st sanctions package against Russia early next week, on June 8 or 9, according to sources familiar with the matter. The proposed measures are expected to focus on Russia's energy revenues, aiming to further isolate the country economically.

Key elements of the anticipated package include freezing the price cap on Russian oil and adding numerous vessels to the list of Russia's "shadow fleet," which facilitates circumventing sanctions. Discussions are also underway regarding potential sanctions against major Russian energy companies such as Lukoil and Rosneft. However, these specific measures may face difficulties securing unanimous approval from all EU member states due to the differing stances of certain countries.

Another significant point of contention is the potential inclusion of Patriarch Kirill, the head of the Russian Orthodox Church, on the sanctions list. While Hungary previously blocked such a move, its new government's position on this issue remains to be seen. The EU operates on a principle of unanimous consent for sanctions, meaning any single member state can veto a proposal. The 20th sanctions package, approved in April, already included restrictions on the shadow fleet and entities supporting Russia's military-industrial complex.

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We expect the new, 21st package of sanctions against the Russian Federation to be presented by the European Commission early next week, on Monday [8 June] or Tuesday [9 June].