EU foreign ministers delay Russia sanctions package, oil price cap deadline looms

European Union foreign ministers were unable to reach an agreement on the bloc's 21st package of sanctions against Russia. The decision has been pushed to Wednesday, which is the final day to freeze the price cap on Russian crude oil exports before it is automatically recalculated based on global market prices.

EU's top diplomat Kaja Kallas expressed regret over the lack of agreement, noting that the package includes maintaining the oil price cap at $44.10 per barrel. Without intervention, rising global oil prices could cause the cap to increase, potentially providing Moscow with additional revenue. EU ambassadors are expected to meet on Tuesday or Wednesday to prevent this recalculation.

Recent weeks saw the proposed sanctions package being watered down, with a ban on Russian fish exports and restrictions on visas for former soldiers being removed or softened. Kallas stated that the bloc did agree to extend sanctions in other areas, such as cyberattacks and Russia's prison service, bringing the total number of sanctioned individuals and entities to over 250.