European Union Member States have agreed to extend the existing sanctions against Russia for six months, diplomatic sources reported on Thursday evening on the margins of the 26-27 June EU Heads of State and Government Summit in Brussels.
Since Russia’s invasion of Ukraine in February 2022, the EU has implemented numerous economic and financial sanctions against Moscow, including the freezing of around €200 billion in assets belonging to the Russian Central Bank.
The EU has also imposed individual sanctions on more than 2,400 Russian politicians, military personnel, business people, and companies.
Decision to extend reached 'without problems'
These sanctions must be renewed every six months with unanimous agreement. The next deadline was 31 July.
In January, Hungarian Prime Minister Viktor Orban had threatened a veto until just days before the deadline. This time around, the decision was reached much faster. “Without discussion, without problems,” Prime Minister Bart De Wever confirmed.
However, the Member States have not yet reached agreement on the new 18th package of sanctions. That package targets, among other things, the Russian energy sector, banks and the “shadow” fleet of oil tankers used by Moscow to bypass the price cap on Russian oil exports.
Slovakia threatens to veto plan to ban Russian gas by 2028
Slovakian Prime Minister Robert Fico has threatened a veto. He has demanded a solution to the problems Slovakia would face if the EU proceeds with the plan to completely halt Russian gas imports by early 2028.
Slovakia, heavily dependent on these imports, fears higher gas prices and potential compensation claims.
Nevertheless, De Wever expressed confidence that Slovakia could still be persuaded, as was the case with previous sanctions.
Belgium supports the idea of a $45 oil-price cap
“I do not rule out the possibility of reaching an agreement in the coming days. I think we are close,” said the Belgian Prime Minister.
It was not immediately clear whether the 18th package would also include a reduction of the oil-price cap from $60 to $45 per barrel.
Belgium supports this idea. “We think it’s a good idea, but I don’t know if it will be part of the package,” De Wever said.
