The European Union has approved its sanctions package against Russia after weeks of negotiations, with Greece securing an exemption allowing it to continue transporting Russian liquefied natural gas (LNG) to non-EU customers.
The agreement, reached by EU ambassadors on Thursday, marks the bloc’s 21st sanctions package against Russia since the full-scale invasion of Ukraine began in February 2022.
Under the compromise, Greece will be allowed to continue shipping Russian LNG to non-EU clients under contracts signed before the invasion. The exemption will be reviewed annually.
Oil price cap remains frozen
The package also keeps the Russian oil price cap at $44 per barrel for the next 12 months, avoiding an automatic increase to $58 under the previous adjustment formula.
European Commission President Ursula von der Leyen said freezing the cap would prevent “the Russian war machine” from benefiting from market disruptions.
The sanctions also expand measures against Russia’s so-called shadow fleet, with additional vessels added to the blacklist. More than 600 ships have already been denied access to EU ports and services.
New restrictions on banks and companies
The latest package also targets Russian banks, cryptocurrency and oil-trading platforms, as well as metals used in military equipment.
In addition, more than 250 individuals and companies accused of supporting Russia’s war against Ukraine, spreading pro-war propaganda or helping circumvent existing sanctions have been added to the sanctions list.
Negotiations led to several compromises
The agreement followed weeks of difficult negotiations, during which several proposals were either weakened or dropped.
Plans to restrict imports of Russian fisheries products, including cod and pollack, were abandoned after objections from Portugal and Germany.
Bulgaria also secured the removal of Russian Orthodox Patriarch Kirill and Lukoil founder Vagit Alekperov from the final sanctions list.
Meanwhile, a proposal to ban Russian soldiers from entering the Schengen Area was reduced to a commitment to continue working on practical implementation after concerns raised by France and Italy.
Austria also won support for future discussions on easing sanctions against the investment company Rasperia, following losses suffered by Raiffeisen Bank International in Russia.
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