The European Union has decided to postpone until July 23 its decision on the new, 21st sanctions package against Russia, while maintaining until then the price cap on exported Russian oil that was set to expire today. The postponement was deemed necessary after EU member states’ permanent representatives in Brussels failed to reach unanimous agreement. As a result, the 27 member states decided to push back the process by one week. According to diplomatic sources, due to the delay, the EU has extended the existing price cap of $44 per barrel. The measure aims to limit Russia’s revenues, which fund a significant portion of its war effort in Ukraine. Without the extension, the price of Russian oil permitted for export could approach international market prices, which currently exceed $80 per barrel, amid tensions fueled by the war in Iran.
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EU: Disagreements over the sanctions package
Despite multiple rounds of negotiations, reaching an agreement on the new sanctions package has proven impossible. Bulgaria, for instance, opposes imposing measures against Moscow Patriarch Kirill. At the same time, according to diplomats, there is pressure to avoid a blanket visa ban on all Russian nationals who participated in the war in Ukraine. European Commission President Ursula von der Leyen, speaking from Kyiv where she was visiting, expressed optimism about the final outcome. “I am convinced that the 21st sanctions package, like those before it, will be adopted, even if some compromises are required,” she stated.
