Ambassadors, permanent representatives of European Union member states, have agreed on the 21st package of sanctions for Russia.
A European diplomat informed journalists of this following a meeting of the Committee of Permanent Representatives (COREPER). Thus, technical work will be completed, and the written adoption procedure will be launched this afternoon.
According to the diplomat, negotiations on this package were difficult, but all remaining open issues were agreed upon, allowing the European Union to maintain unity just as it did during the adoption of previous sanctions packages.
The diplomat stressed that all EU member states were united in their desire for further decisive measures to limit Russia’s ability to continue its war of aggression against Ukraine. At the same time, the source emphasized that the agreement reached today will continue to increase pressure on Russia and demonstrates clear commitments to supporting Ukraine.
The diplomat also stated that this sanctions package is substantial and marks another step in restricting the capabilities of Russia’s war economy.
In particular, according to the source, agreement was reached to extend the current oil price cap level for another 12 months, depriving Russia of significant oil revenues amid volatility in energy markets.
In addition, a compromise was reached on an unresolved issue concerning LNG transfers to third countries. Specifically, a limited exemption applies to LNG transfers to third countries and related purchases under contracts concluded prior to February 24, 2022. Any expansion of these transfers by EU operators is restricted. The Council will review the exemption annually.
The package also contains the highest number of individual designations among all sanctions packages over the past four years. It includes broad restrictions and transaction bans targeting the Russian financial sector, as well as new measures against cryptocurrencies. Further designations of vessels belonging to the so-called shadow fleet and their operating entities were also agreed upon. The package obligates taking necessary measures to restrict visas for former Russian combatants. It also includes new trade restrictions that further constrain Russia’s military industry.
