EU countries have reached a political agreement on a new sanctions package targeting Russia over its war in Ukraine, including an oil price cap targeting the Kremlin’s war economy.
Talks over this latest set of sanctions lasted weeks, with many measures facing internal opposition, leading to some proposals being watered down or excluded completely.
Plans to prevent EU firms from transporting Russian LNG – liquified natural gas – to third countries were reportedly dropped at a late stage in response to Greece’s opposition. Ambitions to introduce a ban on Russian ex-combatants from entering the EU were also drastically scaled back.
. . . The package designates 94 Russian financial institutions – mainly banks – alongside Moscow’s stock exchange, Reuters reported. Once adopted, these entities will fall under the full weight of sanctions which include asset freezes, travel and transaction bans.
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