Agreement extends oil price cap and expands restrictions on Russian banks, cryptocurrency platforms and the shadow fleet.
On Thursday, European Union countries reached an agreement to unlock the 21st package of sanctions against Russia, with the extension for 12 months of the oil price cap, set at US$44.10.
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The agreement comes after weeks of negotiations marked by the reluctance of some countries to ban the transport of Russian liquefied natural gas (LNG) to third countries, a measure with a significant impact on the European shipping sector, particularly in Greece.
Ultimately, a limited exemption was agreed upon for contracts and related purchases signed before Feb. 24, 2022, with restrictions on any future expansion of those transfers and an annual review by the Council of the European Union, representing the member states.
Proposed by the European Commission on June 9, the package also provides for 218 new individual listings under the sanctions regime, with restrictions and transaction bans targeting Russia’s financial sector and new measures related to cryptocurrencies, although the final text has not yet been formally approved.
Greece Secures Russian LNG Exemption as EU Agrees 21st Sanctions Package
Athens successfully wielded its veto power to secure a major exemption allowing Greek vessels to transport Russian LNG to non-EU clients.https://t.co/4rfxbtJhud
— Clash Report (@clashreport) July 23, 2026
“We have targeted more than 100 banks and cryptocurrency operators, more than 40 vessels from the shadow fleet, and several oil refineries in Russia and Belarus,” EU foreign policy chief Kaja Kallas said.
“We are also responding to Russia’s relentless attacks against civilians, infrastructure and cultural heritage by adding more than 50 entities from the military-industrial complex to the list, including key actors involved in the production of Russia’s long-range drones,” she added.
European Commission President Ursula von der Leyen welcomed the agreement and said the sanctions “continue to weaken the economic foundations of Russia’s war effort.”
The package adds 32 new Russian banks to the list of entities subject to transaction bans, along with cryptocurrency and oil trading platforms.
European Council President Antonio Costa described the agreement as “another decisive step in increasing pressure on Russia” and said European support for Ukraine “remains unwavering.”
The Irish presidency of the Council of the European Union said the agreement aims to “strike at Russia’s sources of revenue, hinder its shadow fleet and disrupt its supply chains.”
The final text must be formally approved by the 27 member states through a written procedure later in the afternoon, according to diplomatic sources.
teleSUR/ JF
Source: EFE
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