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After six weeks of political and diplomatic discussions, ambassadors from the European Union have finally reached a political agreement on a new 21st sanctions package against Russia, according to Reuters and AFP.
Technical details are being finalized before the official adoption procedure launches.
The fresh measures aim to squeeze Moscow’s financial system at a vulnerable moment. European Commission President Ursula von der Leyen noted that the effort targets the economic foundation of the Russian war machine.
“We are adding 32 more Russian banks to our transaction ban list,” von der Leyen wrote on X. She added, “So are cryptocurrency companies and oil trading platforms.”
Crucially, the deal marks a new phase in enforcement. “For the first time, we are targeting ships assisting Russia’s ghost fleet,” von der Leyen stated.
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Bargaining with Athens
Getting every member nation on board required significant compromise. Greece proved to be the main sticking point during the negotiations, Reuters reported.
Athens holds a massive share of the global shipping fleet. Greek officials feared that tight restrictions on transferring liquefied natural gas would simply push lucrative business away to foreign competitors.
To win over Athens, diplomats carved out key exceptions. The package includes a one-year exemption that permits Russian gas transfers to third countries, complete with automatic renewal.
“Member states showed solidarity with Greece, and it’s expected that Greece will do the same with others in the future,” an EU diplomat told reporters, according to Reuters.
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Freezing price caps
The agreement also adjusts rules surrounding Russian crude exports. Envoys decided to freeze the Russian oil price cap at its current level of $44.10 per barrel for twelve months.
The European Commission originally wanted a six-month hold. But ambassadors opted for a longer timeframe.
Von der Leyen explained the strategy behind the extended timeline. “We are freezing the adjustment of the oil price ceiling for one year so that the Russian war machine does not benefit from market shocks,” she posted.
