EU Struggles to Reach Agreement on Russia Sanctions Package
A Greek gas concession unlocks the EU's sanctions package against Russia, but other disputes continue to delay a final deal.
The European Union has made progress on a new sanctions package against Russia after Greece conceded on the issue of shipping Russian gas to third countries. This agreement resolves a dispute that had blocked the package and also freezes the bloc’s price cap on Russian crude oil for 12 months.
Just a day earlier, EU countries were weighing a fresh plan to salvage the sanctions package after Greece refused to back it over a gas shipments issue. Ambassadors were set to discuss a new proposal on Thursday, but consensus remained elusive.
Following the removal of Hungary’s blocking stance, other EU governments are now forced to own their objections to tougher action against Russia. This post-Orbán showdown has exposed each capital’s red lines.
After three days of talks, the EU failed to strike a Russia sanctions deal. Envoys will reconvene next week in a bid to prevent the price cap on Russian crude from ratcheting higher at the end of July.
