EU keeps Russian oil price cap fixed in new sanctions package

European Union countries agreed a scaled-back new sanctions package against Russia over the Ukraine war, keeping a price cap on Russian crude exports fixed at $44 for the next 12 months.

The package is the EU's 21st round of sanctions since Moscow's 2022 invasion of Ukraine. It followed weeks of negotiations and objections from member states to several proposed measures.

European Council head Antonio Costa said on social media that the package targets energy, financial services, crypto and trade. He said the EU's support for Ukraine and for what he called a just and sustainable peace remained unwavering.

Diplomats said the final obstacle was removed after Greece received an exemption allowing shipping firms to continue transporting Russian liquefied natural gas from the Arctic.

EU ambassadors had been trying to reach a deal to keep the price cap on Russian global crude exports at $44 before a deadline that could have allowed it to rise. Under the agreement, the current level will stay in place for 12 months. The EU is trying to prevent Moscow from gaining extra revenue from higher oil prices linked to the Middle East war.

The package also targets Moscow's financial sector and crypto firms, and blacklists scores more Russian officials over the war.

Some proposed measures were removed or delayed. A broad visa ban intended to stop Russians who fought in Ukraine from entering the bloc was not included. Diplomats said there was only a commitment to work towards such a ban in the future.

Bulgaria said it had blocked adding Russian Orthodox Patriarch Kirill to an asset-freeze and visa-ban blacklist. Diplomats said Portugal and France objected to a ban on imports of cod and Alaskan pollock from Russia.

European Commission chief Ursula von der Leyen wrote online that, at a time when Ukraine had built military momentum, the sanctions continued to weaken the economic foundations of Russia's war effort.

The report said Moscow has continued its offensive despite years of Western economic punishment, while EU officials say the sanctions are taking a growing toll. Diplomats also warned that after more than 20 rounds of sanctions it is becoming increasingly difficult to find new areas all 27 EU countries can agree to target.