EU locks in oil price cap in new Russia sanctions
The European Union has finalized its 21st round of sanctions against Russia, which includes maintaining an oil price cap at $44. The agreement followed weeks of negotiations and includes exemptions for certain shipping firms and specific commodities.
Why it matters
These sanctions represent a significant geopolitical effort to limit Russia's revenue from energy exports during the ongoing conflict in Ukraine.
European Union countries on Thursday (July 23, 2026) agreed a new, watered-down round of sanctions on Russia over the Ukraine war after weeks of haggling, freezing the level of an oil price cap.
The package — the 21st by the EU since Moscow's 2022 invasion — was held up by a raft of objections by member states to various proposed elements.
"Our 21st sanctions package targets the sectors with the highest impact: energy, financial services, crypto, and trade," European Council head Antonio Costa posted on social media.
"Our support for Ukraine and for a just and sustainable peace remains unwavering."
Diplomats said the final hurdle was overcome after Greece was granted an exemption allowing shipping firms to carry on transporting Russian liquefied natural gas from the Arctic.
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