EU Seals New Sanctions Package Targeting Russia's Energy, Crypto Sectors

The European Union has locked in a new round of sanctions on Russia over the Ukraine war. The package, which is the 21st since Moscow's invasion in 2022, targets key sectors including energy, financial services, crypto, and trade.

The EU had been racing to seal an agreement before a deadline that could have seen the oil price cap leap up. Under the deal, the current level of $44 will remain in place for the next 12 months. This is aimed at preventing Moscow from profiting from a surge in oil prices due to the Middle East war.

The new package also targets Moscow's financial and crypto sector, blacklisting scores more Russian officials over the war. However, a proposed visa ban on Russians who fought in Ukraine has been kicked down the road, with only a commitment to work towards such a ban in the future.