EU Agrees on 21st Sanctions Package Targeting Russian Banks and Oil

21st Sanctions Package Against Russia

According to ХВИЛЯ: EU member state ambassadors have reached consensus on a 21st sanctions package against Russia, which is set to be formally approved on July 23 through a written procedure. This new round of restrictions targets 32 Russian banks, cryptocurrency firms, and oil trading platforms, aiming to further pressure Russia's energy and financial sectors.

The Committee of Permanent Representatives (Coreper) held an emergency session at 8:30 AM to finalize the details. The agreed measures include:

• a ban on entry into the EU for certain Russian military personnel;
• sanctions against vessels supporting Russia's shadow fleet.

Greece had demanded an extension of the authorization to re-export Russian liquefied natural gas to third countries, which temporarily stalled the package. This exemption for Greece will be valid for one year, with automatic renewal. The oil price cap remains unchanged from previous levels.

Bulgaria also pushed for the removal of Patriarch Kirill of the Russian Orthodox Church from the sanctions list. Italy supported this demand, and after the patriarch was excluded, both countries withdrew their objections. An earlier attempt to adopt the sanctions package on July 15 failed, as did another effort on July 22.

'The EU's Committee of Permanent Representatives convened an emergency meeting at 8:30 AM on Thursday and reached a political agreement on the 21st sanctions package. It was decided to approve it this afternoon via a written procedure,' said one EU diplomat.

Impact of the New Sanctions Package

The adoption of the 21st sanctions package underscores the EU's ongoing commitment to countering Russia's aggressive policies. These new restrictions are designed to weaken Moscow's financial capabilities, which could have serious consequences for its economy. At the same time, pressure from certain EU member states for exemptions-such as the gas re-export clause-highlights the complexity of maintaining unity on sanctions policy. Balancing collective goals with national interests remains a critical challenge in the current geopolitical climate.

'I am pleased that in the first weeks of Ireland's presidency, we managed to agree on the 21st sanctions package. This package delivers another blow to Russia's revenue sources, restricts its shadow fleet operations, and disrupts supply chains,' emphasized Helen McEntee.

As the EU moves forward with its 21st sanctions package, the complexities surrounding previous negotiations are worth noting. Notably, the recent challenges in reaching a consensus regarding sanctions on key figures, such as Patriarch Kirill, highlight the intricate balance the EU must maintain. For a deeper understanding of these prior discussions and their implications on the current sanctions strategy, read more about the failed consensus on sanctions involving Patriarch Kirill.