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EU freezes Russian oil price cap at $44.10 for another year in 21st sanctions package<\/strong><\/p>\n The European Union will maintain its price cap on Russian seaborne oil at USD 44.10 per barrel for a further 12 months. The measure forms part of a new 21st sanctions package that EU ambassadors provisionally approved on Thursday, after Greece secured a late exemption on certain gas transport activities.<\/p>\n The original proposal had envisaged a six-month freeze. Ambassadors extended the period to a full year. Without an agreement, the cap would have risen in line with global market prices, increasing revenue for the Kremlin that is used to fund the war in Ukraine.<\/p>\n Negotiations overran. The deadline to update the cap passed a week earlier without a deal, so the existing price remained in force for several extra days while talks continued.<\/p>\n Greece was the final holdout. It sought to continue exporting Russian liquefied natural gas (LNG) to third countries despite an EU-wide ban on LNG imports that is due to take full effect in 2027. Athens argued that the ban was never intended to cover onward transfers and obtained a carve-out.<\/p>\n \u201cA compromise was reached on the contentious issue of LNG transfers to third countries,\u201d an EU diplomat said. The exemption covers transfers and related purchases under contracts signed before Russia\u2019s full-scale invasion of Ukraine in February 2022. \u201cAny expansion of these transfers by EU operators is restricted,\u201d the diplomat added, noting that member states will review the exemption annually.<\/p>\n In addition to the oil-price measure, the package introduces further sanctions on individuals and entities linked to the war, tighter restrictions on Russian finance and crypto-assets, and new steps targeting Russia\u2019s defence industry and the \u201cshadow fleet\u201d of tankers that transport oil above the Western price cap.<\/p>\n A separate proposal to ban entry into the EU for veterans who have served in Russia\u2019s armed forces since the invasion was dropped after objections from France and Italy. Those countries raised concerns about the burden on consular services dealing with Russian visa applications. The final text commits only to restricting visas for former Russian soldiers.<\/p>\n European Council President Ant\u00f3nio Costa described the agreement as another increase in pressure on Moscow. It \u201ccovers the most important sectors: energy, financial services, crypto and trade,\u201d he said, adding that EU support for Ukraine \u201cremains unwavering.\u201d<\/p>\n The deal now moves to national capitals for formal confirmation through a written procedure.<\/p>\n Source:<\/strong> PAP<\/p>\n