EU envoys fail to agree on 21st package of sanctions against Russia, says EU diplomat
Ongoing EU Negotiations on New Sanctions Against Russia
BRUSSELS, July 15 (Reuters) - European Union envoys have not reached an agreement on a 21st package of sanctions against Russia in response to Russia's war with Ukraine, an EU diplomat said on Wednesday.
Status of the Oil Price Cap
The diplomat added that EU envoys had agreed to keep a price cap on Russian oil unchanged at the current level of $44.10 per barrel until July 23 while discussions continued on that 21st package of sanctions.
Background on the Oil Price Cap
The price cap, backed by the EU and Group of Seven allies, was redesigned last year to be more dynamic and track oil prices.
Challenges in Reaching Consensus
The EU's foreign policy chief, Kaja Kallas, had already warned this week that EU countries had not yet agreed upon this broad 21st package of sanctions.
Debate Over Russian LNG Restrictions
Lithuanian Foreign Minister Kestutis Budrys said EU countries were undecided on tightening restrictions on Russian liquefied natural gas.
Details of the Proposed Sanctions Package
Initial Proposal and Objectives
The EU initially proposed this latest package of sanctions against Moscow in June with the aim of undermining banking in Russia.
Targeted Sectors
The package targets Russia's banks and crypto networks as well as drone production, oil traders and refiners.
(Reporting by Julia Payne; Editing by Kevin Liffey)
