The European Union failed to endorse a 21st sanctions package against Russia on Monday, putting the bloc at risk of undermining one of its key tools to restrict the Kremlin’s oil revenue.
The main points of contention were restrictions on the transport of Russian liquefied natural gas (LNG) and measures regarding Austria’s Raiffeisen Bank International, according to people familiar with the matter who spoke anonymously to describe the private talks.
An agreement to freeze the bloc’s floating price cap on Russian oil — a central element of the package — was also elusive, despite a looming Wednesday deadline to reset the limit. Without action, the ceiling will likely jump well above the current $44.10 level given the high global fuel prices, hindering the tool’s effectiveness.
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