EU Sets New Sanctions in Motion: Aimed at Russia

The EU reached a political agreement on a 21st sanctions package against Russia, including a 12-month freeze on the Russian oil price cap and an exemption for LNG transfers to third countries. This move highlights the EU's solidarity, particularly with Greece, as technical work concludes.

The European Union has reached a landmark political agreement on its 21st sanctions package against Russia, according to four EU diplomats on Thursday.

This new package comprises a 12-month freeze on the existing Russian oil price cap. It also includes a one-year waiver that allows the transfer of Russian liquefied natural gas (LNG) to third countries, subject to automatic renewal. The move comes as Member States show solidarity with Greece, with hopes that Greece will reciprocate in future decisions.

As technical preparations on the sanctions package near completion, a written procedure for its formal adoption is scheduled to commence Thursday afternoon.