New EU sanctions on Russia stall amid internal disagreements - Bloomberg
Photo: The European Parliament building in Brussels (Getty Images)
The European Union has developed three options to move forward with the 21st package of sanctions against Russia, Bloomberg reports.
EU weighs three scenarios
According to the outlet's sources, the European Union plans to discuss three possible ways out of the deadlock over its latest sanctions against Russia.
Consideration of the 21st sanctions package stalled last week, as Greece continued to oppose proposals to restrict European companies from transferring Russian liquefied natural gas (LNG) to third countries, Bloomberg reported.
The new options under discussion include:
- A 24-month sunset period before the restrictions take effect,
- The complete removal of the measure,
- Scrapping the entire package.
The bloc has also considered extending existing contracts as a potential compromise, the report said.
The price cap freeze could still be extended even if other proposals fail to gain approval, the sources added.
EU's 21st sanctions package against Russia
EU member states have agreed to temporarily keep the price cap on Russian oil at $44.10 per barrel until July 23 as they seek to reach a broader agreement.
"The price cap was set to rise in line with elevated global rates, which would have weakened a key tool Ukraine’s allies use to suppress Moscow’s oil revenues," Bloomberg reported.
Negotiations among EU capitals have been tense:
- Plans to ban former Russian military personnel from entering the EU were watered down and postponed,
- Proposals to restrict imports of certain types of fish were rejected.
EU ambassadors are expected to meet this week to continue discussions on the package, sources said.
As previously reported, six EU countries are seeking exemptions from the 21st sanctions package against Russia, citing concerns about the potential impact on their businesses. According to the Financial Times, the countries are Greece, France, Italy, Germany, Austria, and Portugal.
Greece has opposed certain provisions of the new EU sanctions package against Russia. Athens argues that a ban on transshipping Russian LNG to third countries could hurt European companies.
