Brussels, Belgium. The European Union agreed to impose its 21st sanctions package against Russia since February 2022, after Greece secured an exemption for certain transfers of Russian liquefied natural gas to third countries.
The package targets Russian financial institutions, vessels linked to Russia’s shadow fleet, crypto platforms, oil trading companies, and individuals and entities accused of supporting the invasion of Ukraine.
Greek LNG exemption
Greece maintained its veto until a majority of member states agreed to a derogation allowing EU companies to transfer Russian LNG to non-EU clients under contracts concluded before the invasion began in February 2022.
The exemption will apply for one year and renew automatically. EU sanctions require unanimous approval.
Financial and trade restrictions
The package designates 94 Russian financial institutions, mainly banks, as well as Moscow’s stock exchange. Once adopted, the entities will face asset freezes, travel bans and transaction restrictions.
The measures are intended to increase pressure on Russia’s financial system at a time the EU considers its economy vulnerable.
For the first time, the package also targets vessels assisting Russia’s shadow fleet and expands transaction bans to additional crypto platforms and oil trading companies.
Oil price cap and additional listings
Member states agreed to freeze the price cap on Russian oil at $44 per barrel for 12 months, avoiding a revision of the mechanism. The decision removes uncertainty that emerged after hostilities between the United States and Iran resumed.
The package also targets Russian banks, crypto and oil-trading platforms, various metals found on the battlefield, and more than 250 individuals and companies accused of supporting the invasion of Ukraine, spreading pro-war propaganda and enabling sanctions circumvention.
Changes sought by Bulgaria and Austria
Bulgaria secured the removal of Patriarch Kirill, head of Russia’s Orthodox Church, and Vagit Alekperov, the billionaire founder of Lukoil, from the final list.
Austria won agreement from member states to consider its request to lift sanctions on Rasperia, a blacklisted investment company, to offset a €2.1 billion loss incurred by Raiffeisen Bank International in Russia.