European Union ambassadors and the 27 member states reached a political agreement on Thursday on a 21st package of sanctions against Russia over the war in Ukraine.
European Commission President Ursula von der Leyen welcomed the adoption of the measures, stating they continue to weaken the economic foundations of Russia's war effort. The package includes a 12-month freeze on the Russian oil price cap adjustment to prevent the Russian war machine from benefiting from market shocks. Additionally, 32 more Russian banks, crypto firms, and oil trading platforms have been added to the transaction ban list.
The final agreement follows previous meetings that failed to result in consensus and was shaped by a series of veto threats as member states sought to protect national interests. Several member states secured concessions, leading to a significantly watered-down package that has exposed growing cracks within the bloc.
EU members are looking to keep up pressure on Russia as Ukraine's outlook improves, even as some countries seek exemptions.