Following prolonged negotiations on the 21st, EU member states reached a consensus to prolong their sanctions against Russia, agreeing to extend the restrictive measures for an additional three years. Under the arrangement, the bloc will lengthen the sanction period targeting more than 3,000 Russian individuals and entities by 36 months, while also removing two Russian entrepreneurs from the restrictive list. This extension marks a significant departure from the typical six-month or twelve-month renewal cycles previously employed, as the EU aims to circumvent potential deadlocks caused by divergent member-state positions during future renewal deliberations.
On July 23rd, the European Commission President took to social media to announce that the 21st package of sanctions against Russia would add 32 Russian banks to the transaction ban roster, alongside sanctions on crypto-asset enterprises and oil trading platforms. The EU will also suspend its dynamic price cap mechanism on Russian oil for one year, aiming to prevent Russia from capitalizing on volatile international crude price fluctuations. In response to the 21st sanctions package adopted by the EU on July 23rd, Russia's Ministry of Foreign Affairs reported on September 18th that it has expanded its list of European individuals barred from entering Russian territory.
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