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EU stalls on next Russia sanctions package, leaving oil markets on watch
The 27 member states have yet to approve the European Commission’s 21st sanctions package more than six weeks after initial drafts were circulated, with proposals reportedly pared back.
European Union diplomats have still not reached agreement on the bloc’s next Russia sanctions package, despite expectations of progress after Viktor Orban left office in May, according to RFE/RL. The European Commission’s proposal for a 21st round of sanctions since the full-scale invasion of Ukraine began in February 2022 was circulated to EU capitals in early June. A self-imposed deadline of July 15 for EU ambassadors to meet came and went without consensus on the full package, which requires approval from all 27 member states.
As discussions dragged on, RFE/RL reports that many measures in early drafts have been pared back or removed to such an extent that diplomats it spoke with have started calling the package “the Emmental,” referencing Swiss cheese.
The story also frames the sanctions delay as a factor traders may watch alongside energy price moves, with the outlet featuring live oil market quotes alongside its reporting on the EU’s stalled decision-making.