Key facts
- EU countries failed to agree on a 21st sanctions package against Russia.
- The bloc's price cap on Russian crude has been temporarily frozen for another week.
- The current price cap of $44.10 per barrel will be maintained until July 23.
- Discussions on the sanctions package have been deferred to July 22.
- Greece has raised concerns over earlier EU restrictions on trading Russian liquefied natural gas.
- Austria's concerns regarding its Raiffeisen Bank have reportedly been addressed.
European Union countries failed for a third consecutive day to agree on a new package of sanctions against Russia, forcing them to temporarily freeze the bloc’s price cap on Russian crude for another week. Ambassadors deferred further discussions to July 22, agreeing to maintain the oil price cap at $44.10 per barrel until July 23. Without an extension, the cap would automatically increase as oil prices have risen due to the war in Ukraine. The European Commission is legally obliged to recalculate the price ceiling after July 15, but the new cap would become effective only on August 1. Discussions have been stalled by Greece's stance against proposals to prevent EU countries from trading Russian liquefied natural gas to third countries. Austria had also been a holdout, seeking compensation for its Raiffeisen Bank, but a solution has reportedly been found. Earlier changes to the proposed sanctions package included scrapping a ban on Russian fish imports and weakening restrictions on visas for former Russian military personnel.