EU Nears Deal On 18th Sanctions Package Against Russia

Speaking ahead of a meeting of the EU’s 27 foreign ministers in Brussels on Tuesday, Kallas confirmed that “we are very, very close” to an agreement and hoped it would be concluded “today.” Reuters sources indicated that most of the package's components had already been accepted by member states, except for one unresolved veto.

That veto concerns a proposed floating price cap on Russian crude — set at 15% below the global average over the prior three months — which has triggered resistance from one unnamed country. Kallas acknowledged the difficulty: “It’s alive. We have made proposals, but it’s a question of whether we can overcome the veto.”

Sanctions Target Energy, Banking, Military

The European Commission first unveiled the new sanctions proposal last month. Its most significant feature is the prohibition of transactions with Russia's Nord Stream gas infrastructure, a symbolic and strategic blow following the pipeline’s earlier sabotage and subsequent abandonment.

Additionally, the package includes tougher restrictions on banks accused of facilitating sanctions evasion, particularly those operating through third-party financial hubs. These new rules would give national authorities greater leeway in freezing assets and penalizing violators.

Diplomats say the goal is to close loopholes and sustain pressure on Moscow as the war in Ukraine enters its fourth year. The EU is also preparing mechanisms for enforcing compliance among member states.