Overview
- EU ambassadors struck a political deal to adopt a 21st package of sanctions that keeps the current oil price cap in place for 12 months to block windfall revenue for Moscow.
- The package widens targeted measures by adding a large number of individual listings and tightening rules on Russian finance, cryptocurrencies and so-called 'ghost fleet' vessels used to evade sanctions.
- Greece won a renewable 12-month exemption that allows European companies to continue carrying Russian LNG to third countries for contracts signed before the invasion, a carve-out driven by pressure from the Greek shipping sector.
- Bargaining by member states substantially narrowed the package: Bulgaria forced removal of several proposed names from the listings and Germany and Portugal secured the withdrawal of planned fish import and entry restrictions.
- The agreement is politically closed but still needs formal adoption and annual review of the LNG exemption, and enforcement experts warn the carve-outs raise risks of circumvention by third‑country shippers and firms outside the EU.