EU freezes Russian oil price cap
‘Our support for Ukraine and for a just and sustainable peace remains unwavering.’
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‘Our support for Ukraine and for a just and sustainable peace remains unwavering.’
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BRUSSELS, Belgium (AFP) — European Union (EU) countries on Thursday agreed a new watered-down round of sanctions on Russia over the Ukraine war after weeks of haggling, freezing the level of an oil price cap.
The package — the 21st by the EU since Moscow’s 2022 invasion — was held up by a raft of objections by member states to various proposed elements.
“Our 21st sanctions package targets the sectors with the highest impact: energy, financial services, crypto and trade,” European Council head Antonio Costa posted on social media.
“Our support for Ukraine and for a just and sustainable peace remains unwavering.”
Diplomats said the final hurdle was overcome after Greece was granted an exemption allowing shipping firms to carry on transporting Russian liquefied natural gas from the Arctic.
Ambassadors from the EU’s 27 member states had been racing to seal an agreement to lock in a price cap on Russian global crude exports at $44 before a deadline that could have seen it leap up.
Under the deal, the current level will remain in place for the next 12 months, as the EU tries to prevent Moscow cashing in on a surge in oil prices due to the Middle East war.
The new package also targets Moscow’s financial sector and crypto firms, and blacklists scores more Russian officials over the war.
But a sweeping visa ban that had been proposed to stop Russians who fought in Ukraine from coming to the bloc has been kicked down the road.
Diplomats said there was only a commitment to work towards such a ban in the future.
