EU Approves New Russia Sanctions

Representatives of the European Union's member states reached a political agreement on Thursday on the bloc's 21st package of sanctions against Russia, four EU diplomats said.

According to two diplomats, the package includes a 12-month extension of the price cap on Russian oil. It also provides for a one-year exemption allowing the transfer of Russian liquefied natural gas (LNG) to third countries, with an automatic renewal.

European Commission President Ursula von der Leyen welcomed the agreement, saying that the package targets vessels supporting Russia's shadow fleet and expands sanctions on the financial sector by adding 32 Russian banks to the list of institutions barred from financial transactions.

Member states will now finalize the technical details before launching the written procedure for formal approval of the package later on Thursday.

(Reuters, bak)