EU Freezes Russian Oil Price Cap for a Week as Sanctions Talks Stall

Overview

• EU ambassadors froze the bloc’s Russian oil price cap at $44.10 per barrel for one week, a decision taken on July 15 that extends the deadline to July 23 to allow more negotiating time.
• The freeze prevents the Commission’s formula from automatically lifting the cap and raising the ceiling on Aug. 1, a move supporters say would have given Moscow a short‑term revenue boost from higher world oil prices.
• Ambassadors failed to reach unanimous agreement on the 21st sanctions package after several meetings, leaving final approval delayed and talks scheduled to resume around July 22.
• Greece objected to tighter rules on trading Russian LNG because of possible harm to its ports and shipping sector, while Austria pressed for a Raiffeisen compensation plan tied to frozen Russian assets; negotiators report a possible Vienna‑friendly compromise.
• Several Commission proposals have already been scrapped or weakened but the package is still expected to list roughly 250 people and add sanctions on banks and oil‑smuggling vessels, with the outcome shaping Ukraine’s ability to limit Russia’s war financing.