Key facts
- EU foreign ministers are unlikely to finalize the 21st sanctions package against Russia on July 13.
- Disagreements persist over measures targeting Russian fish, ships, and the oil price cap.
- The current EU oil price cap, limiting Russian earnings to $44.10 per barrel, is set to expire on July 15.
- Greece and Portugal are among countries raising objections to specific proposed sanctions.
- Bulgarian objections regarding the head of Russia's Orthodox Church and Lukoil have been accepted.
EU foreign ministers are facing difficulties in finalizing the bloc's 21st package of sanctions against Russia, with disagreements over measures targeting Russian fish, ships, and the price of oil. The urgency is heightened as the current oil price cap is set to expire on July 15.
Ireland's Foreign Minister Helen McEntee stated that an agreement might not be reached on July 13 but is expected within a few days. Danish Foreign Minister Lars Lokke Rasmussen echoed this sentiment, suggesting a short delay. The EU's oil price cap mechanism is politically strained, partly due to past oil price spikes attributed to U.S. President Donald Trump's actions against Iran. The cap is calculated relative to free-market prices, and a rise could increase revenue for Russia, which it could invest in its war effort.
Several countries are pushing back against the proposed six-month extension of the price cap at $44.10 per barrel. Greece, in particular, fears that maintaining such a low price could lead shipping companies to register outside the EU, impacting its economy. Portugal is resisting proposed limits on certain Russian fish imports, concerned about the low-margin fish finger industry. Bulgaria's objections to including the head of Russia's Orthodox Church and the head of energy company Lukoil in the sanctions list have already been accepted and will not be included.
Ministers expressed concerns about the increasing difficulty of reaching sanctions agreements, with some noting that member states' economic interests are taking precedence. Despite these challenges, there is a determination among member states to agree on the strongest possible package, with officials confident that an agreement will be reached shortly.