BRUSSELS: European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia for its full-scale invasion of Ukraine that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.
The sources said all the elements of the package had been agreed, although one member state still has a technical reservation on the new cap.
The sources — speaking on condition of anonymity to discuss confidential talks — said they expect to reach a full agreement on Monday, ahead of a foreign ministers’ meeting in Brussels the following day that could formally approve the package.
The sources said they had also agreed to a dynamic price mechanism for the price cap. On Friday, the European Commission proposed a floating price cap on Russian oil of 15 percent below the average market price of crude in the previous three months.
One of the sources said the initial price would be around $47 a barrel based on the average price of Russian crude for the last 22 weeks minus 15 percent. Further, the price would be revised based on the average oil price every six months instead of the proposed three months.
Slovakia — which has held up the proposed package — is still seeking reassurances from the European Commission on its concerns about plans to phase out Russian gas supply but it has agreed to the new measures, the sources said.
Sanctions require unanimity among the EU’s member countries to be adopted.
The Group of Seven (G7) price cap, aimed at curbing Russia’s ability to finance the war in Ukraine, was originally agreed in December 2022. The European Union and Britain have been pushing the G7 to lower the cap for the last two months after a fall in oil futures made the current $60 a barrel level largely irrelevant.
The cap bans trade in Russian crude oil transported by tankers if the price paid was above $60 per barrel and prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap.
The Commission proposed the package in early June, aimed at further cutting Moscow’s energy revenues, including a ban on transactions with Russia’s Nord Stream gas pipelines, and financial network that helps it circumvent sanctions.
Another one of the sources said the new package will list a Russian-owned refinery in India, two Chinese banks, and a flag registry. Russia has used flags of convenience for its shadow fleet of ships and oil tankers.
EU envoys near agreement on lower Russian oil price cap
https://arab.news/jzkn2
EU envoys near agreement on lower Russian oil price cap
Ukraine’s Zelensky: We have backed US peace proposals to get a deal done
- “The tactic we chose is for the Americans not to think that we want to continue the war,” Zelensky told The Atlantic
Ukrainian President Volodymyr Zelensky said Kyiv had sought to back US peace proposals to end the war with Russia as President Donald Trump seeks to resolve the conflict before November mid-term elections.
Zelensky, in an interview published by The Atlantic on Thursday, said Kyiv was willing to hold both a presidential election and a referendum on a deal, but would not settle for an accord that was detrimental to Ukraine’s interests.
“The tactic we chose is for the Americans not to think that we want to continue the war,” Zelensky told the US-based publication. “That’s why we started supporting their proposals in any format that speeds things along.”
He said Ukraine was “not afraid of anything. Are we ready for elections? We’re ready. Are we ready for a referendum? We’re ready.”
Zelensky has sought to build good relations with Washington since an Oval Office meeting in February 2025 descended into a shouting match with Trump and US Vice President JD Vance.
But he said he had rejected a proposal, reported this week by the Financial Times, to announce the votes on February 24, the fourth anniversary of Russia’s invasion. A ceasefire and proposed US security guarantees against a future invasion had not yet been settled, he said.
“No one is clinging to power,” The Atlantic quoted him as saying. “I am ready for elections. But for that we need security, guarantees of security, a ceasefire.”
And he added: “I don’t think we should put a bad deal up for a referendum.”
Russian President Vladimir Putin has said Zelensky is not a legitimate negotiating partner because he has not faced election since coming to power in 2019.
Zelensky has said in recent weeks that a document on security guarantees for Ukraine is all but ready to be signed.
But, in his remarks, he acknowledged that details remained unresolved, including whether the US would be willing to shoot down incoming missiles over Ukraine if Russia were to violate the peace.
“This hasn’t been fixed yet,” Zelensky said. “We have raised it, and we will continue to raise these questions...We need all of this to be written out.”
