EU agrees new Russia sanctions and freezes oil price cap

European Union countries have agreed a new round of sanctions on Russia over the Ukraine war after weeks of negotiations, while freezing the level of an oil price cap on Russian crude exports.

The package is the EU's 21st sanctions package since Moscow's 2022 invasion. European Council head Antonio Costa said the measures target energy, financial services, crypto and trade. European Commission chief Ursula von der Leyen said the sanctions were meant to weaken the economic base of Russia's war effort at a time when Ukraine had built military momentum.

Diplomats said the final obstacle was resolved after Greece received an exemption allowing shipping firms to continue transporting Russian liquefied natural gas from the Arctic. Ambassadors from the EU's 27 member states had been trying to agree a deal before a deadline that could have allowed the oil price cap to rise.

Under the agreement, the cap on Russian global crude exports will remain at $44 for the next 12 months. The EU says the measure is aimed at limiting Moscow's ability to benefit from higher oil prices linked to the Middle East war.

The package also targets Russia's financial sector and crypto firms and blacklists more Russian officials over the war. A proposed broad visa ban on Russians who fought in Ukraine was not adopted. Diplomats said the agreement only included a commitment to work toward such a ban in the future.

Other proposed measures were also removed. Bulgaria said it blocked the inclusion of Russian Orthodox Patriarch Kirill on an asset freeze and visa ban list. Diplomats said Portugal and France objected to a ban on imports of cod and Alaskan pollock from Russia.

Ukraine's President Volodymyr Zelensky thanked the EU for the measures and said it was important to preserve unity and maintain pressure on the Kremlin. He said Ukraine expected work on a 22nd sanctions package to advance and hoped it would add restrictions that limit Russia's ability to sustain its war.

EU officials say sanctions are putting growing pressure on Russia, while diplomats warn that after more than 20 rounds it is becoming harder to find new targets that all 27 member states can support.