European Union ambassadors have reached a political agreement on the bloc’s 21st package of sanctions against Russia over its ongoing war in Ukraine, following a compromise with Greece that eased planned restrictions on Russian liquefied natural gas (LNG), say four EU diplomats. The sanctions package still requires formal adoption by all member states under the EU’s unanimity rules.
The new measures target Russia’s banking sector and include restrictions on dozens of financial institutions as part of the EU’s continued effort to increase economic pressure on Moscow. The package also includes a 12-month freeze on the Russian oil price cap and further measures against Russia’s so-called shadow fleet and crypto platforms, diplomats said.
A compromise was reached after Greece sought changes to the proposed restrictions on Russian LNG. Under the agreement, EU companies will be allowed to continue transferring Russian LNG to third countries under a one-year exemption that will be automatically renewed. Athens had argued that a complete ban would simply shift business to non-European competitors without significantly reducing Russia’s revenues.
Following the political agreement, EU officials are expected to complete the remaining technical procedures before the sanctions package is formally adopted.
