EU wants to approve 21st sanctions package against Russia by 15 July
The European Union's 21st package of sanctions against Russia is to be approved by 15 July 2026 due to the deadline for updating the price cap on Russian oil.
As reported by a European Pravda correspondent in Brussels, the European Union's 21st sanctions package against Russia is planned for approval by 15 July to prevent a sharp rise in the price cap on Russian oil.
European Pravda's sources said the main element of the 21st sanctions package will be freezing the price cap on Russian crude oil.
The key aim is to prevent Russia from once again earning excess revenue from oil sales because of the sharp rise in global prices caused by the war in the Middle East and the blocking of the Strait of Hormuz.
The European Union currently has a price cap on Russian oil, introduced in previous sanctions packages against Russia.
It is calculated using the following formula: the average oil price over the previous six months minus 15%. It is updated every six months.
The current price cap on Russian oil is US$44.10 per barrel, set on 15 January 2026.
The next adjustment date is 15 July 2026.
Energy experts estimate that the next price cap, given the sharp rise in oil prices caused by the blocking of the Strait of Hormuz, would be around US$75 per barrel.
"Such a maximum price for Russian oil is unacceptable because it would allow the Kremlin leader to significantly increase his energy revenues, which he would direct towards the war against Ukraine," one European official said on condition of anonymity.
This prompted the idea of temporarily suspending the calculation of the price cap on Russian oil under the existing formula. Instead, it is proposed that the cap be frozen, with the new rule fixed in the new 21st package of sanctions against Russia.
"This is why it is necessary to approve the 21st sanctions package by 15 July. This is the goal set by both the European Commission and the Council of the EU," another European Pravda source said.
"A compromise figure will be somewhere in the middle," a European official said, predicting that it could be around US$60 per barrel.
Sources have said that the European Commission plans to present the European Union's new 21st package of sanctions against Russia early next week, on 8 or 9 June.
Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy, announced that the European Union's new 21st package of sanctions against Russia could include measures targeting Russia's military-industrial complex, as well as its shadow fleet.
The 20th package of sanctions against Russia, approved by EU countries on 23 April, included restrictions against the shadow fleet, individuals and companies supporting Russia's military-industrial complex and laid the groundwork for a further ban on maritime services related to Russian oil supplies.