EU agrees on new round of sanctions against Russia

Key Points:

• The European Union agreed on a 21st round of sanctions against Russia after weeks of negotiations, overcoming objections from member states concerned about potential harm to the EU economy.
• Greece secured an exemption allowing one of its shipping firms to continue transporting Russian liquefied natural gas (LNG) from the Arctic for one year, with automatic renewal.
• The sanctions package targets key sectors including energy, financial services, cryptocurrency, and trade, maintaining the Russian crude oil price cap at $44 for the next 12 months.
• The EU added 32 Russian banks, crypto firms, and oil trading platforms to its transaction ban list, along with entry bans and asset freezes on individuals and companies linked to Russia’s war effort.
• This is the EU’s largest sanctions package in four years, targeting 218 individuals and entities, including over 100 banks and crypto operators, more than 40 vessels from Russia’s shadow fleet, and key military-industrial entities involved in producing long-range drones.