EU pushes to freeze Russian oil price cap before July deadline

The European Union is in the final stage of talks to keep the Russian oil price cap at $44.10 per barrel ahead of the automatic review scheduled for 15 July, which would otherwise raise the cap to about $58 per barrel. The European Commission wants to postpone the adjustment until January to maintain pressure on Moscow, but Greece, Cyprus and Malta are resisting a delay, arguing it would harm their maritime industries.

Negotiations also cover related measures in the 21st sanctions package, including bans on Russian cod and pollack, restrictions on LNG tanker sales, and a visa ban on Russian soldiers that has been narrowed to short‑stay visas for those directly involved in the invasion. Disagreements persist over sanctioning Patriarch Kirill and oligarch Vagit Alekperov. If ambassadors cannot agree, the EU may split the package and adopt the oil‑price‑cap provision first. An emergency meeting of EU ambassadors on Sunday has been floated as the deadline approaches.