EU Nears Consensus on New Sanctions Against Russia

The European Union is on the cusp of agreeing on an 18th sanctions package against Russia, focusing on a lower price cap on Russian oil. The package aims to curb Russia's revenue from oil and includes a dynamic price mechanism. Full agreement is expected before the foreign ministers' meeting.

European Union envoys are close to finalizing an 18th round of sanctions targeting Russia, specifically through a reduced price cap on Russian oil. The proposed measures, confirmed by four EU sources, were discussed in a meeting on Sunday.

While all package elements have been settled, one member state holds a technical reservation on the price cap. The sources, who spoke anonymously, expect a full agreement to be reached by Monday, ahead of a foreign ministers' meeting in Brussels that could formalize the sanctions.

The proposed package includes a dynamic pricing mechanism for oil caps, initially suggesting a $47 per barrel rate, to be revisited every six months. Slovakia, formerly resistant, seeks assurances on Russian gas supply phase-out plans. The sanctions, requiring EU unanimity, also address the G7's price cap, targeting financial channels circumventing sanctions.