EU ministers fail to approve 21st Russia sanctions round; Wednesday deadline for oil price cap

EU foreign ministers failed to approve the 21st round of sanctions against Russia, according to a Politico report. Wednesday is the final deadline to lock in an oil price cap as part of the sanctions package. The package is being pushed toward a midweek deadline.

Meanwhile, the EU's sharp curbs on steel imports are straining critical friendships with trading partners. Brussels' decision to significantly reduce steel imports has tested relationships with allies needed to counter China and the United States. Particularly tense is the situation with Brazil: the EU claimed it had an agreement, but Brazil denied it.

The EU has reached deals with a dozen countries for smaller steel quota cuts. Countries with free-trade agreements face smaller reductions, while overall duty-free steel quotas are slashed by nearly half.

These developments highlight the EU's balancing act between protecting domestic industry and maintaining foreign relations. Delays in sanctions against Russia could impact energy market stability, while steel trade disputes threaten alliances crucial for global competition.