European Union governments agreed in Brussels on a new sanctions package against Russia, clearing a measure that had been under discussion for weeks and placing renewed emphasis on energy revenue, finance and supply networks tied to Moscow's war in Ukraine.
A central element of the package is the 12-month extension of the oil price cap, set at $44.10. The measure is designed to keep pressure on Russian crude revenues while maintaining a coordinated European position on one of the most sensitive economic instruments used since the start of the war.
Negotiations had been complicated by objections from some member states to limits on the transport of Russian liquefied natural gas to third countries. The issue was particularly sensitive for parts of Europe's shipping industry, including Greek operators with exposure to that trade.
The compromise includes a limited exemption for contracts and related purchases signed before February 24, 2022. Future expansions of those transfers will be restricted, and the arrangement will be subject to an annual review by the Council of the European Union.
The package, proposed by the European Commission on June 9, also includes the largest number of individual sanctions listings in four years. It adds transaction bans and restrictions aimed at Russia's financial sector, alongside new measures involving cryptocurrency platforms and oil trading entities.
European Commission President Ursula von der Leyen welcomed the agreement, saying the measures would continue to weaken the economic foundations of Russia's war effort. European Council President António Costa described the pact as a further step to intensify pressure on Moscow and reaffirmed European support for Ukraine.
The Irish presidency of the Council said the agreement is intended to strike at Russia's revenue sources, disrupt its shadow fleet and interfere with supply chains used to sustain the war. The final text still requires formal endorsement before the package is fully adopted.
