EU Agrees 21st Sanctions Package Against Russia, Targets Energy and Crypto

The European Union has reached a political agreement on its 21st sanctions package against Russia, targeting sectors with high impact such as energy, financial services, crypto, and trade. The package includes a 12-month freeze on the Russian oil price cap at $44, along with a one-year exemption for the transfer of Russian liquefied natural gas (LNG) to third countries.

According to European Council head Antonio Costa, this measure aims to prevent the Russian war machine from benefiting from market shocks. The package also targets Moscow's financial and crypto sector and blacklists scores more Russian officials over the war in Ukraine.

The agreement comes after a final hurdle was overcome when Greece was granted an exemption allowing one of its shipping firms to carry on transporting Russian LNG from the Arctic. However, a sweeping visa ban that had been proposed to stop Russians who fought in Ukraine from entering the bloc has been kicked down the road for future consideration.

The technical work on the sanctions package will now be concluded, and a written procedure for adoption will be launched later today.