EU fails to approve 21st Russia sanctions package as oil price cap deadline nears

Published Jul 13, 04:11 PM UTC

EU foreign ministers failed to approve the 21st sanctions package 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 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 access to sanctioned assets to compensate for fines incurred in Russia. The oil price cap, currently at $44 per barrel, will automatically increase 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 could not guarantee approval before the deadline. EU ambassadors will meet Tuesday in a last-ditch effort. Separately, the EU approved 250 new individual sanctions against Russian individuals, the largest round since 2022.