EU Sanctions Talks Delayed Until Wednesday
The European Union could not agree on a new set of sanctions against Russia. They have extended the oil price cap until July 23rd. Discussions will continue on July 22nd.
The European Union was trying to impose more sanctions on Russia after the invasion of Ukraine. Ministers failed to agree on a deal on Monday. The oil price cap, set at $44.10 per barrel, will remain in place until July 23rd. There are disagreements within the EU about how to proceed with sanctions. Concerns include compensation for Austrian banks and restrictions on Russian liquefied natural gas (LNG).
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Highlights
Sanctions Package Delayed
The EU foreign ministers did not approve the 21st sanctions package on Monday.
Oil Price Cap Frozen
The EU will freeze the oil price cap until July 23rd.
Disagreement on Sanctions
EU member states failed to agree on a new sanctions package for the third day.
Price Cap Set at $44.10
The oil price cap was temporarily set at $44.10 per barrel.
Discussions Rescheduled
EU sanctions discussions are now planned for July 22nd.
Perspectives
- EU ministers failed to approve the 21st sanctions package.
- The EU will discuss freezing the oil price cap on Tuesday.
- The oil price cap is currently set at $44.10 per barrel.
- Discussions on sanctions are rescheduled for July 22nd.
Some EU members want to maintain the oil price cap and limit Russia’s revenue.
Politico EU, EU, ZEIT Online, New
Other EU members want to halt oil supplies completely.
EurActiv, RFI
The EU believes the price cap limits Russia’s revenue and reduces dependence.
EU, ZEIT Online
Rising oil prices and energy security concerns are a problem.
Politico EU, RFI