EU locks in oil price cap in new Russia sanctions
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- EU member states agreed the bloc's 21st sanctions package against Russia on July 23, 2026, targeting energy, financial services, crypto, and trade, European Council head Antonio Costa posted on social media.
- The deal freezes the oil price cap on Russian global crude exports at $44 for the next 12 months, locking in the current level before a deadline could have seen it leap higher as West Asia war drives a surge in oil prices.
- Greece secured an exemption allowing shipping firms to continue transporting Russian liquefied natural gas from the Arctic, which diplomats identified as the final hurdle to agreement.
- Bulgaria blocked the blacklisting of Russian Orthodox Patriarch Kirill on the asset-freeze and visa-ban list, while Portugal and France objected to a proposed ban on Russian cod and Alaskan pollock imports, diplomats said.
- A sweeping visa ban on Russians who fought in Ukraine was kicked down the road, with diplomats citing only a future commitment to work toward the measure rather than its inclusion in this package.
- Zelenskyy thanked the EU and called for active work on a 22nd sanctions package with additional restrictions, while European Commission chief Ursula von der Leyen said Ukraine has built 'military momentum' and the sanctions continue to weaken Russia's economic foundations.
Why it matters: After 21 rounds of sanctions with diminishing targets left to hit, this package shows the EU's unity is fraying at the edges: four member states successfully carved out exemptions, and diplomats warn it is becoming increasingly difficult to find new areas all 27 can agree on — even as the bloc races to lock in the $44 cap before oil revenues funnel more cash to Moscow.
