EU Approves 21st Russia Sanctions Package After Greek Deadlock

The European Union reached a political agreement on July 23, 2026, to implement its 21st sanctions package against Russia. The deal was nearly derailed by a veto from Greece, which argued that a proposed ban on transporting Russian liquefied natural gas (LNG) to third countries would damage its maritime industry and benefit non-EU competitors. To break the impasse, the EU granted Greece a one-year renewable exemption for companies like Dynagas to service pre-war contracts, with volumes capped at 2025 levels.

The package freezes the Russian oil price cap at approximately $44 per barrel for 12 months to prevent Moscow from profiting from market volatility caused by conflict in the Strait of Hormuz. Other measures include disconnecting 33 Russian banks from the Swift system, targeting the shadow fleet of over 600 vessels, and imposing asset freezes on 218 individuals and entities. This includes the suspension of International Chess Federation President Arkady Dvorkovich.

Despite the agreement, the package was described as watered-down. Member states blocked restrictions on the Russian fishing sector and the listing of Patriarch Kirill, while a proposed visa ban for former Russian combatants was deferred. President Volodymyr Zelensky praised the measures as crucial for maintaining pressure on the Kremlin, while U.S. Secretary of State Marco Rubio met with Russian Foreign Minister Sergei Lavrov in Manila to discuss finding a peace deal through new concepts.