EU Rejects 21st Sanctions Package Against Russia Due to Gas Disputes

On July 22, ambassadors from European Union countries gathered in Brussels to discuss the 21st sanctions package against Russia. Agreements have been complicated by the internal economic interests of individual member states, particularly Greece, which opposes a ban on the transshipment of Russian liquefied natural gas (LNG) to third countries. Diplomats are considering several scenarios, including a 24-month transition period before the restrictions take effect and the possibility of extending existing contracts. Last week, the EU temporarily extended the price cap on Russian oil at $44.10 per barrel until July 23. If the cap is not extended, the price ceiling will increase, boosting Moscow's revenues. The negotiations are taking place against the backdrop of rising global oil prices, which have exceeded $95 per barrel due to the escalation of the conflict between the U.S. and Israel with Iran. Oil price restrictions can be extended by separate decision, even if the overall sanctions package is not adopted.

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