EU nears deal on 18th sanctions package against Russia, says Kallas

European Union countries are edging closer to a political agreement on a new round of sanctions against Russia, the bloc's foreign policy chief Kaja Kallas said on July 15.

Speaking ahead of a meeting with EU foreign affairs ministers in Brussels, Kallas expressed optimism about concluding negotiations on the 18th sanctions package, Caliber.Az reports per Reuters.

"We hope to reach a political agreement on the 18th sanctions package. We are very, very close. I hope it comes today," Kallas said.

The European Commission unveiled the proposed sanctions package last month in response to Russia’s ongoing invasion of Ukraine. The measures target Moscow’s energy revenues, military-industrial complex, and financial institutions.

Key elements of the package include a ban on transactions involving Russia’s Nord Stream gas pipelines and penalties for banks facilitating sanctions evasion. Another proposal under discussion is the introduction of a floating price cap on Russian oil, set at 15% below the average global crude price over the previous three months.

Although EU diplomats told Reuters on July 14 that all provisions had been agreed upon, one member state continues to oppose the proposed oil price cap.

When asked about the proposal, Kallas affirmed its continued relevance: "It's alive," she said.
"We have made proposals, but it is a question of whether we can overcome the veto of one member state or not. But we are trying to work on that."

The 27 EU foreign ministers are meeting in Brussels to finalise the package, which requires unanimous approval.

By Sabina Mammadli