European Union adopts 21st sanctions package on Russia, Greece wins LNG exemption

The European Union has adopted its 21st sanctions package aimed at further weakening the Russian economy and limiting Moscow's ability to finance its war. The measures include a suspension of the automatic adjustment of the upper price ceiling for Russian oil until 15 July 2027, keeping the ceiling at $44.10 per barrel to prevent Russia from benefiting from recent price spikes.

Member states negotiated sector‑specific exemptions: Greece secured a temporary exemption allowing the transfer of Russian liquefied natural gas to third‑party countries; Portugal obtained an exemption for cod fishing; and Germany and France received exemptions for fish‑processing industries. The package will be published in the EU Official Journal, but internal disagreements among the Council remain.

The sanctions aim to impose economic pressure on Russia while attempting to limit disproportionate impacts on European businesses and vulnerable households.