Clear: New EU sanctions against Russia

 

Kristin Groth/TT

 

Published 09:08Updated 12:00

  

A Russian-flagged oil tanker near Cuba in a picture from last spring. Photo: Ramon Espinosa/AP/TT

After weeks of negotiations, the EU has finally agreed on a new sanctions package.

The package is the EU's 21st against Russia since the country began its full-scale invasion of Ukraine.

"Our 21st sanctions package targets the sectors that have the greatest impact: energy, financial services, crypto and trade," writes EU Council President António Costa on X.

However, the package is significantly weakened compared to the original proposal, writes the news site Euractiv after the announcement.

During the negotiations between the EU ambassadors, several countries have sought exceptions to protect their own interests, which has led to the talks being significantly longer than planned.

Greece blocked an earlier proposal over a ban on EU-based companies transporting Russian gas to consumers outside the EU. Such a ban would have hit the Greek shipping industry hard.

Exemption for Greece

Diplomatic sources told AFP that Greece has been granted an exemption in the approved package. According to the compromise hammered out, a renewable one-year exemption will allow companies to transport Russian gas to third countries. The agreement will be reviewed annually.

The EU has also agreed to lock the price cap on Russian oil at 44.10 US dollars per barrel, equivalent to over 425 Swedish kronor, for one year. Otherwise, the price risked being raised to 58 dollars.

“It is particularly positive that the EU member states have agreed to freeze the so-called oil price ceiling at the current low level, so that Russia is not allowed to earn large sums from rising global energy prices,” writes Foreign Minister Maria Malmer Stenergard (M) in a statement to TT.

She writes that she is also frustrated that Sweden and other countries were forced to choose between adopting the package in a weakened form – or that the package would be stopped altogether.

“Energy revenues are the core of Russia’s financing of the war, and the costs to Europe pale in comparison to the price that the Ukrainian people have to pay every day.”

250 blacklisted

The Baltic states had requested to prevent Russian soldiers from entering the EU, but the proposal was met with protests from France, Italy and Greece. In the hammered-out proposal, such a ban has been severely limited, according to a diplomatic source, writes Euractiv.

The new package also targets Moscow's financial and crypto sectors and blacklists many more Russian officials during the war. The measures target around 250 individuals and entities.

The sanctions still need to be formally approved by all 27 member states.