EU readies 21st Russia sanctions package targeting oil cap and shadow fleet
Russia's oil revenue and shadow fleet are the next EU target: the European Commission is set to present its 21st sanctions package on 8-9 June, with measures aimed at the Russian oil price cap, sanctioned tankers and banks. Member states are working to approve it by mid-July.
Brussels is preparing the next round of economic pressure on Moscow. The European Commission is expected to present the EU's 21st sanctions package against Russia on 8 or 9 June, according to reporting from Bloomberg, Kyiv Post and European Pravda. The centerpiece is the price cap on Russian crude oil, which member states want to tighten or freeze as global prices move. Alongside the energy measures, the package is expected to target Russia's shadow fleet, the network of tankers used to move oil outside Western insurance and shipping rules, as well as additional banks and firms tied to the military-industrial complex. The timing is shaped by a deadline: member states are aiming for approval by 15 July, when the oil price cap is due to be updated. As with previous rounds, agreement among all member states is required, and the details of the cap remain under discussion. The goal, as described by EU officials, is to limit the revenue Russia can earn from oil sales. Whether the package clears in its proposed form will depend on negotiations in the coming days. Reported via Bloomberg, Kyiv Post and European Pravda.