EU fails to approve new Russia sanctions, ball now in Slovakia’s court, says EU foreign chief

BRUSSELS (Reuters) -The European Union did not approve the 18th Russia sanctions package on Tuesday, the EU's foreign chief Kaja Kallas said after a meeting with EU foreign ministers in Brussels.

She said she was "really sad" the sanctions did not get approved, but hopeful a deal will be reached on Wednesday, adding that the ball is in Slovakia's court. Slovakia has been blocking the EU's latest sanctions package until its concerns are addressed over a separate EU proposal to phase out imports of Russian gas by January 1, 2028.

Sources told Reuters on Monday that all elements of the package had been agreed, although one member state still had a reservation about a proposed lower price cap on Russian oil.

The European Commission last month proposed the 18th package of sanctions against Russia for its invasion of Ukraine, aimed at Moscow's energy revenue, its banks, and its military industry.

The new package proposes banning transactions with Russia's Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention.

It also proposes a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats have said.

(Reporting by Andrew Gray, Charlotte Van Campenhout; Editing by Alison Williams and Rod Nickel)