EU Approves 21st Russia Sanctions Package Targeting 218 Entities, Freezes Oil Price Cap at $44.10

According to Reuters, the European Union approved its 21st sanctions package on July 23, targeting 218 individuals and entities linked to Russia's war in Ukraine. The measures hit over 100 banks, 94 Russian financial institutions, 32 additional banks with transaction restrictions, and crypto operators accused of maintaining Russian financial flows. The package also designates over 50 military-industrial entities and includes asset freezes and travel bans.

The package freezes Russia's oil price cap at $44.10 per barrel for 12 months, preventing revenue gains from market fluctuations. EU firms received a one-year exemption allowing Russian LNG transfers to third countries after January 1, though EU imports of Russian LNG remain banned.