The European Union plans to discuss at least three possible scenarios for breaking the deadlock over a new package of sanctions against Russia. The options include delaying the restrictions for 24 months, dropping a specific measure, or scrapping the entire package.
Bloomberg reported this, citing people familiar with the matter.
The discussion concerns the EU’s 21st sanctions package since Russia launched its full-scale invasion of Ukraine in 2022. Its approval stalled last week after Greece maintained its objections to a proposal that would restrict European companies from transferring Russian liquefied natural gas to third countries.
According to the sources, the EU is considering introducing a 24-month transition period before the restrictions take effect, removing the measure entirely, or abandoning the whole sanctions package.
Allowing existing contracts to be extended was also discussed as a possible compromise. The freeze on the price cap for Russian oil could be extended even without agreement on the other proposals.
Last week, EU countries agreed to temporarily keep the price cap on Russian oil at $44.10 until July 23. The one-week extension was intended to give officials more time to reach an agreement on the sanctions package, which includes a longer freeze on the price cap.
Negotiations between the capitals remain difficult as member states seek to protect their own industries. Plans to ban former Russian servicemen from entering the EU were watered down and postponed, while proposals to restrict imports of certain types of fish were rejected.
EU ambassadors are due to meet this week to continue discussing the package.
Last year, the European Union decided to review the price cap on Russian oil every six months, setting it 15% below the average market price of Urals crude. Because global fuel prices have risen amid the war with Iran, the EU price cap could also have increased, potentially bringing additional revenue to the Kremlin.
