EU wants to approve 21st Russia sanctions package by 15 July, sources say

Jun 2, 2026 - 14:10

The European Union's 21st package of sanctions against Russia must be approved by 15 July because of a deadline for reviewing the price cap on Russian oil.

Source: European Pravda's correspondent in Brussels, citing sources in the EU

Details: The EU's 21st Russia sanctions package is planned to be approved by 15 July in order to prevent a sharp rise in the Russian oil price cap.

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 objective is to prevent Russia from earning more windfall revenues from oil sales because of the surge in global prices caused by the war in the Middle East and the blocking of the Strait of Hormuz.

The EU currently has a price cap on Russian oil, which was introduced in previous Russia sanctions packages.

It is 15% lower than the average oil price over the previous six months, and is reviewed every six months.

The current price cap on Russian oil, set on 15 January 2026, is US$44.10 per barrel. The next review date is 15 July 2026.

Energy experts estimate that given the soaring oil prices caused by the closure of the Strait of Hormuz, the next price cap would be around US$75 per barrel.

"Such a maximum price for Russian oil is unacceptable because it would significantly increase Putin's 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 Russian oil price cap according to the existing formula. Instead, it is proposed that the cap be frozen, with the new rule fixed in the new 21st Russia sanctions package.

"That is why the 21st sanctions package must be approved 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 would be somewhere in the middle," one European official said, predicting that it could be around US$60 per barrel.

Background:

Sources have said that the European Commission plans to present the EU's 21st Russia sanctions package early next week, on 8 or 9 June.
Kaja Kallas, EU High Representative for Foreign Affairs and Security Policy, announced earlier that the EU's new Russia sanctions package could include measures targeting Russia's military-industrial complex and its shadow fleet.
The 20th Russia sanctions package, which was approved by EU countries on 23 April, included restrictions against the shadow fleet and 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.