EU Reaches Agreement on 21st Sanctions Package Against Russia Over Ukraine War

European Union ambassadors reached a political agreement on Thursday for the bloc's 21st round of sanctions against Russia in response to the ongoing war in Ukraine, according to EU diplomats. The package emerged after prolonged negotiations marked by numerous objections from individual member states over specific proposed elements.

Key Measures in the 21st Sanctions Package

European Council President Antonio Costa described the scope of the new measures, stating that the package targets sectors with the highest impact: energy, financial services, crypto, and trade. The agreement came after ambassadors from the EU's 27 member states raced to finalize terms before a deadline that could have triggered a significant increase in the price cap on Russian crude exports.

The deal locks in a price cap on Russian crude at $44 per barrel and includes a 12-month freeze on that cap mechanism. Two EU diplomats confirmed that the package also features a one-year exemption permitting the transfer of Russian liquefied natural gas (LNG) to third countries, with provisions for automatic renewal.

European Commission President Ursula von der Leyen said the measures would ensure that the Russian war machine does not benefit from market shocks. The package additionally tightens pressure on Moscow's financial and cryptocurrency sectors and adds scores of Russian officials to a blacklist in connection with the war.

Greece Secures LNG Shipping Exemption

The final obstacle to an agreement was resolved after Greece was granted an exemption allowing one of its shipping companies to continue transporting Russian liquefied natural gas from the Arctic. One EU diplomat noted that member states demonstrated solidarity with Greece and expressed an expectation that Greece would reciprocate with other nations going forward.

Proposals Stripped From the Final Deal

Several elements originally proposed for the sanctions package did not survive the negotiation process. A sweeping visa ban intended to prevent Russians who fought in Ukraine from entering the EU was postponed, with diplomats indicating only a commitment to work toward such a ban at a later stage.

Bulgaria successfully blocked an effort to place Russian Orthodox Patriarch Kirill on an asset freeze and visa ban blacklist. Meanwhile, Portugal and France raised objections to a proposed ban on imports of Russian cod and Alaskan pollock, according to diplomats familiar with the discussions.

Technical work on the sanctions package will now be completed, and a written procedure for formal adoption was set to be launched on Thursday afternoon, paving the way for the measures to take effect.

As the EU continues to refine its sanctions strategy against Russia, the compromises required to secure unanimous support among all 27 member states highlight the ongoing challenge of maintaining a united front. What do you think about the effectiveness of these sanctions? Share this article and join the conversation.

Source: France 24 – English