The EU is considering three scenarios to break the deadlock over sanctions against Russia
This is according to Bloomberg.
According to the publication, consideration of the 21st sanctions package stalled last week after Greece opposed proposals to restrict European companies from transferring Russian liquefied natural gas to third countries.
Among the new options to be discussed are a 24-month delay in the entry into force of the restrictions, the complete scrapping of this specific measure, and the scrapping of the entire sanctions package. In addition, the European Union has also considered the possibility of extending existing contracts as a potential compromise solution. The price cap may be extended even if no agreement can be reached on other proposals.
Last week, EU member states agreed to temporarily maintain the price cap on Russian oil at $44.1 until 23 July, whilst seeking to reach a broader agreement. This extension was intended to give European officials additional time to agree on a package of sanctions that would involve a longer freeze on the price of Russian oil.
In 2025, the EU decided to allow the price of Russian oil to fluctuate and to review it every six months, setting it at 15 per cent below the average market price for Urals crude. The idea was to ensure a low price cap after the previous limit of $60 proved insufficient to curb Russia’s revenue from fuel sales.
However, due to the war in Iran, which has caused a sharp rise in global oil prices, the EU’s price cap may also rise, potentially leading to an influx of additional funds into Russia.
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