EU agrees 21st Russia sanctions package, locks oil price cap at US$44
The European Union on Thursday finalised its 21st sanctions package against Russia, freezing the oil price cap at US$44 a barrel for 12 months after last-minute concessions to Greece and Bulgaria.
Source: Free Malaysia Today · July 23, 2026 at 9:04 AM · AI-assisted report
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MALAYSIA, 23 JULY 2026 —
The European Union on Thursday finalised its 21st sanctions package against Russia, freezing the oil price cap at US$44 a barrel for 12 months after last-minute concessions to Greece and Bulgaria.
European Council President Antonio Costa said the measures target the sectors with the highest impact: energy, financial services, cryptocurrencies and trade. Diplomats said the package cleared only after Greece won an exemption allowing one of its shipping firms to continue hauling Russian liquefied natural gas from the Arctic.
The bloc raced to lock in the US$44 cap before it could rise automatically under a scheduled review tied to the Middle East conflict. Under the deal, the cap will remain unchanged for 12 months to reduce revenue Moscow could earn from any oil-price spike.
The sanctions also blacklist additional Russian officials, tighten restrictions on Moscow’s financial and crypto sectors, and delay a proposed visa ban for Russians who fought in Ukraine. Bulgaria blocked Patriarch Kirill of the Russian Orthodox Church from asset freezes and visa bans, while Portugal and France opposed a ban on imports of cod and Alaskan pollock from Russia.
EU ambassadors had wrangled for weeks over proposed curbs, with member states raising objections to elements in energy, trade and humanitarian exemptions. The package is the latest in a series that began after Russia’s 2022 invasion of Ukraine.
Related: European Union · Malaysia
Malaysia Impact
The EU's oil price cap may affect Malaysia's energy exports, and the country may need to navigate the new sanctions regime.