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EU locks in oil price cap in new round of Russia sanctions
"Our 21st sanctions package targets the sectors with the highest impact: energy, financial services, crypto, and trade," European Council head Antonio Costa posted online.
European Council President Antonio Costa. (Photo by NurPhoto via AFP)
By: AFP ., Journalist @New Vision
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BRUSSELS — European Union countries on Thursday agreed a new, watered-down round of sanctions on Russia over the Ukraine war after weeks of haggling, freezing the level of an oil price cap.
The package, the 21st by the EU since Moscow's 2022 invasion, was held up by a raft of objections by member states to various proposed elements.
"Our 21st sanctions package targets the sectors with the highest impact: energy, financial services, crypto, and trade," European Council head Antonio Costa posted online.
Diplomats said the final hurdle was overcome after Greece was granted an exemption allowing one of its shipping firms to carry on transporting Russian liquefied natural gas from the Arctic.
Ambassadors from the EU's 27 member states had been racing to seal an agreement to lock in a price cap on Russian crude exports at $44 before a deadline that could have seen it leap up.
Under the deal, the current level will remain in place for the next 12 months, as the EU tries to prevent Moscow cashing in on a surge in oil prices due to the Middle East war.
The new package also targets Moscow's financial and crypto sector, and blacklists scores more Russian officials over the war.
Ambassadors from the EU's 27 member states had been racing to seal an agreement to lock in a price cap on Russian crude exports at $44 before a deadline that could have seen it leap up.
Under the deal, the current level will remain in place for the next 12 months, as the EU tries to prevent Moscow cashing in on a surge in oil prices due to the Middle East war.
The new package also targets Moscow's financial and crypto sector, and blacklists scores more Russian officials over the war.
But 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.
Diplomats said that there was only a commitment to work towards such a ban in the future.
Various other elements have been stripped out.
Bulgaria said it managed to block putting Russian Orthodox Patriarch Kirill on an asset freeze and visa ban blacklist.
Portugal and France objected to a ban on imports of cod and Alaskan pollock from Russia, diplomats said.
Diplomats said that there was only a commitment to work towards such a ban in the future.
Various other elements have been stripped out.
Bulgaria said it managed to block putting Russian Orthodox Patriarch Kirill on an asset freeze and visa ban blacklist.
Portugal and France objected to a ban on imports of cod and Alaskan pollock from Russia, diplomats said.