EU fails to agree on new Russia sanctions package ahead of oil price cap rise

Published Jul 13, 04:11 PM UTC

EU foreign ministers failed to approve a fresh round of sanctions against Russia on Monday, just days before the bloc's oil price cap is set to rise above the market price of Russian crude. The 21st sanctions package is stalled due to Greece's rejection of a plan to phase out Russian LNG shipments and Austria's demand that Raiffeisen Bank be allowed to access sanctioned assets to cover fines incurred in Russia. The package includes a proposal to freeze the oil price cap, currently at $44 per barrel, which will automatically rise to $58 on Wednesday—$4 above the current price of Urals crude. EU foreign policy chief Kaja Kallas stated the bloc is 'quite close' to a deal but offered no guarantees of approval before the deadline. No EU ambassador meetings are scheduled before Wednesday, though a written vote remains possible. Separately, the EU approved 250 new individual sanctions against Russians, including those linked to cyberattacks.