EU agrees on new sanctions against Russia over war in Ukraine

The European Union has agreed on its 21st package of sanctions against Russia since Moscow launched its full-scale invasion of Ukraine in 2022.

EU ambassadors backed the new measures on Thursday, which still require formal approval by the bloc’s 27 member countries, an EU diplomat said.

The package targets Russia’s financial and energy sectors.

Under the new measures, the automatic adjustment of the international price cap on Russian oil exports will be suspended for 12 months, the diplomat said, in a bid to limit Moscow’s fossil fuel revenues.

The oil price cap applies to Russian oil sold to non-EU countries such as India, China and Turkey.

Rising global oil prices, driven by the war in Iran and the disruption to shipping through the Strait of Hormuz, would have required the cap to be raised under the current mechanism, allowing Moscow to earn more from its oil exports.