EU Agrees on Largest Russia Sanctions in Four Years
The European Union has agreed on a 21st sanctions package against Russia. It is the largest round of penalties in four years.
The sanctions target Russia's banking system, weapons industry and energy sector. They also include a price cap on Russian oil.
The cap stays at about $44 per barrel. It was not newly introduced.
EU foreign policy chief Kaja Kallas said the sanctions will "hit Putin where it hurts most." The package reportedly bans deals with 32 more Russian banks. It also reportedly limits crypto firms and oil trading platforms.
The deal includes a 12-month exception for Russian gas shipments to other countries. Sources say this was a concession to Greece.
Greece had blocked the deal over shipping interests. The EU also moved to ban Russian soldiers who fought in Ukraine from entering the EU.
Details on this ban remain unclear, reports say. The package marks a major increase in EU economic pressure on Russia since the war began.
Key Terms 3
- Kaja Kallas The European Union's top official for foreign policy.
- Sanctions package A group of penalties aimed at pressuring a country.
- Price cap A limit on how much buyers can pay for oil.