The European Union has agreed on a new sanctions package against Russia for its war in Ukraine, which includes a price cap on Russian oil.

EU ambassadors from the 27 member states reached a consensus after weeks of negotiations. Some member states had expressed concerns that certain restrictions could harm the EU economy more than Russia's.

The deadlock was overcome after Greece was granted an exemption allowing one of its shipping firms to continue transporting Russian liquefied natural gas from the Arctic.

European Council President Antonio Costa stated that the package targets key sectors: energy, financial services, crypto, and trade. The price cap on Russian crude oil exports is set at $44 (€39).

Under the deal, the current price level will remain in place for the next 12 months. A one-year exemption for the transfer of Russian LNG to third countries is also included, with automatic renewal.

European Commission President Ursula von der Leyen said the package adds 32 Russian banks, crypto firms, and oil trading platforms to the EU's transaction ban list. It also includes entry bans and asset freezes on individuals and companies linked to Russia's war against Ukraine.

Von der Leyen welcomed the agreement, emphasizing that it prevents automatic adjustment of the international price cap, ensuring that the Russian war machine does not benefit from market shocks.

Source: www.dw.com