Media: EU prepares 21st sanctions package targeting Russian oil, banks

The European Union is preparing a new round of sanctions against Russia, with officials and diplomats saying a 21st package could be agreed by the end of next week, as tensions with Moscow continue to rise.

According to three diplomats and EU officials cited in discussions with Politico, the proposed measures are expected to target Russia’s oil revenues, banking sector, and its so-called “shadow fleet” of vessels used to bypass existing restrictions.

The package, which is expected to be formally presented to the European Commission next week, signals that Brussels is continuing its strategy of economic pressure on Russia, despite calls from some political leaders for the appointment of a “special envoy” to explore potential peace talks.

A key element under consideration is maintaining and tightening the price cap on Russian oil. The current mechanism is due to expire this summer and would automatically adjust upward if no new agreement is reached, officials said.

EU member states are also expected to consider additional sanctions targeting major Russian energy companies, including Lukoil and Rosneft.

New restrictions are further expected on vessels operating within Russia’s “shadow fleet”, as well as on companies providing supporting services, according to notes from sanctions talks seen by Politico's Playbook.

By Sabina Mammadli