EU Slaps 21st Round of Sanctions on Russia, Targets Energy and Crypto

The European Union has reached a political agreement on its 21st round of sanctions against Russia, targeting key sectors including energy, financial services, and crypto.

According to European Council head Antonio Costa, the package includes a 12-month freeze on the Russian oil price cap at $44 per barrel, as well as a one-year exemption allowing the transfer of Russian liquefied natural gas (LNG) to third countries with automatic renewal. 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. However, a sweeping visa ban that had been proposed to stop Russians who fought in Ukraine coming to the bloc has been kicked down the road, with only a commitment to work towards such a ban in the future.