BRUSSELS – After long diplomatic wrangling, the member countries of the European Union today, July 23, launched a 21st package of sanctions against Russia, in response to the war in Ukraine. The measures target numerous individuals and entities, including many Russian banks. At the same time, under pressure from Greece (and to Moscow’s full advantage), the Twenty-Seven decided to postpone for one year the ban on the transport of Russian liquefied gas to third countries.
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This last aspect significantly slowed down the adoption of the sanctions package. In October 2025, the Twenty-Seven decided to ban the purchase, import, and transit of Russian liquefied gas from January 1, 2027. Athens complained in recent days because it considered the measure a danger to its shipowners. It therefore obtained a one-year postponement of the provision regarding transport to third countries only.
According to information gathered here in Brussels, the postponement, which only concerns contracts signed before the outbreak of the war, can be renewed. Furthermore, it was decided to limit the transport capacity of Russian liquefied gas to 2025 levels. Greece dominates the European market for LNG carriers and is among the main global players, competing with Japan, China, and the United States. The compromise was dictated by the need for unanimity among member countries.
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High Representative for Foreign Affairs and Security Policy Kaja Kallas called the package the most important in four years. The restrictive measures concern 218 individuals and entities. «We have targeted more than a hundred banks and cryptocurrency operators, over 40 shadow fleet vessels, and several oil refineries in Russia and Belarus, which contribute to supporting Moscow’s war,» the former Estonian prime minister wrote on X.
The package provides for the freezing of the oil price cap at 44.10 dollars per barrel. We recall that the sanction prohibits the transport of Russian crude oil when the price is above a particular level (roughly a six-month average). The sharp increase in oil prices in the wake of the war in Iran has been entirely to Moscow’s advantage. Hence the community proposal to freeze the cap for six months. The Twenty-Seven extended the period to 12 months (it is estimated that in one year the lost revenue for Moscow will be 3.5 billion euros).
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