EU countries on Wednesday failed for the third consecutive day to agree on a new sanctions package against Russia, forcing them to temporarily freeze the bloc's price cap on Russian oil for another week, Politico reports, writes UNN.
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Ambassadors postponed further discussions until July 22, agreeing to temporarily keep the oil price cap at $44.10 per barrel until July 23, two EU diplomats familiar with the matter said.
Ireland, which currently holds the presidency of the EU Council, has scheduled a new meeting of EU ambassadors for July 22.
Without another extension next week, the price cap will jump higher as oil prices have risen due to the war in Iran, giving Kremlin chief Vladimir Putin a windfall. The European Commission is legally obliged to recalculate the price cap after July 15, but the new limit will only take effect on August 1, giving the executive some leeway.
This was the third consecutive day that EU ministers or ambassadors met but failed to agree on the 21st sanctions package over Russia's war against Ukraine.
Greece blocks 21st EU sanctions package against Russia - FT16.07.26, 08:23
"This time, Austria and Greece have gone rogue to interfere in the process," the publication says, referring to the blocking of the package.
Vienna, it is noted, proposed a deal under which Austria's Raiffeisen Bank would receive compensation for what it calls the illegal expropriation of its Russian operations worth €2.44 billion. The demand involves the seizure and sale of frozen Russian assets worth €2.1 billion located in Austria; the property ultimately belongs to a company owned by Russian oligarch Oleg Deripaska, a beneficiary of Raiffeisen's expropriation, the publication writes.
Under the plan, its supporters say, a significant portion of the returned funds will be invested in a reconstruction fund for Ukraine. In the long term, Vienna hopes the move will deter Moscow from re-seizing Russian subsidiaries of EU companies.
Although other ambassadors are reluctant to support the idea, three people familiar with the negotiations told the publication that a solution was found on Tuesday but declined to provide further details.
Meanwhile, Greece expressed concerns about previous EU restrictions on trade in Russian liquefied natural gas after the ban was agreed in October 2025. These issues have not yet been resolved, according to the publication's sources.
Previous changes to the 21st sanctions package included scrapping a proposed ban on imports of Russian fish and easing restrictions on issuing visas to former Russian military personnel.
Despite repeated delays, the 21st package is generally considered strong. It includes 250 new entities involved in Russia's war efforts, as well as sanctions against more banks and vessels linked to oil smuggling.