EU Stalemate: 21st Sanctions Package Against Russia in Limbo

European Union envoys have yet to agree on a 21st package of sanctions against Russia, aimed at tackling various sectors such as banking and oil trading. The existing price cap on Russian oil remains unchanged at $44.10 per barrel. Discussions on further sanctions continue.

European Union envoys have failed to reach a consensus on a 21st sanctions package targeting Russia, an EU diplomat disclosed on Wednesday.

Despite ongoing deliberations, the envoy confirmed that the existing price cap on Russian oil will remain at $44.10 per barrel until July 23. This measure, designed to adapt to fluctuating oil prices, is supported by the EU in coordination with the Group of Seven nations. The EU's foreign policy chief, Kaja Kallas, earlier highlighted the lack of agreement among EU members on the comprehensive sanctions package.

Lithuanian Foreign Minister Kestutis Budrys emphasized the indecision on tightening restrictions on Russian liquefied natural gas. Initiated in June, the latest sanctions package aims to disrupt Russia's banking sector, extend control over crypto networks, and affect drone production, alongside impacting oil traders and refiners.