EU Agrees on New Russia Sanctions After Greek Objections Over LNG

European Union member states have reached an agreement on a new package of sanctions against Russia, the 21st since the 2022 invasion of Ukraine. Negotiations were prolonged due to significant resistance from Greece, primarily concerning a proposed ban on EU companies transshipping Russian liquefied natural gas (LNG). Greece, with its substantial shipping sector specializing in LNG transport, successfully negotiated an exception, allowing EU companies to continue transshipping Russian LNG for an additional year. This exception may be extended further after the initial period. The new sanctions package primarily targets Russia's financial sector, introducing further restrictions on Russian banks, crypto traders, and oil traders. Thirty-two new Russian banks will be added to the EU's sanctions list. Additionally, the EU has extended the oil price cap of $44 per barrel for another year, a move deemed urgent to prevent Russia from gaining increased revenue if the cap expired. The package also includes new export restrictions aimed at preventing European-produced components from being used in Russian weaponry. Several other proposed measures were also weakened during negotiations. A plan to halt imports of certain Russian fish species, like cod, was removed following pressure from fish-processing nations. A proposal to deny visas to Russians who have fought in the military was also dropped due to opposition from Italy and France, concerned about their tourism sectors, though the EU will work on new visa regulations.