EU Agrees on 21st Sanctions Package Against Russia: Fresh Curbs Targeting Finance and Energy.

Political Agreement on Sanctions Reached

According to UATV: On July 23, ambassadors from European Union member states struck a political deal on the 21st sanctions package against Russia, introducing new restrictions aimed at the financial sector and energy industry. This move is designed to escalate pressure on Moscow in response to its ongoing aggression.

What the New Sanctions Package Includes

The latest round of sanctions imposes measures targeting several areas:

• the financial sector;
• cryptocurrencies;
• vessels linked to the shadow fleet;
• companies tied to Russia's military-industrial complex;
• visa issuance for former Russian combatants.

A central element of the deal is the extension of the existing price cap on Russian oil for another 12 months.

Additionally, the sanctions package includes an exemption for deliveries of Russian liquefied natural gas to third countries under contracts signed before February 24, 2022. It is worth noting that delays in finalizing the 21st package were tied to Greece's stance. As one EU diplomat stated:

“After technical work is completed this afternoon, a written adoption procedure will be launched.” - EU Diplomat

The approval of the 21st sanctions package highlights the EU's growing unity in countering Russian aggression and its determination to tighten economic pressure on the Kremlin. By incorporating new restrictions—especially on finance and military-linked enterprises—the bloc aims to weaken Russia's ability to fund its war efforts. At the same time, the exemption for LNG shipments helps maintain energy stability in regions reliant on Russian supplies, underscoring the complexity of EU energy policy amid the conflict.