EU seeks compromise over Greece’s position on 21st package of sanctions against Russia

The talks have reached a deadlock after Greece objected to new restrictions on the transshipment of Russian LNG.

The European Union will discuss at least three scenarios that could help unblock the adoption of the 21st package of sanctions against Russia, Bloomberg reports.

According to the agency, last week Greece opposed a proposal to restrict European companies from transshipping Russian liquefied natural gas to third countries, which delayed the approval of the new package of sanctions.

Among the options currently being considered in Brussels are postponing the entry into force of the new restrictions for 24 months, completely excluding this item from the sanctions package, or abandoning the entire package. The possibility of allowing the execution of existing contracts is also being discussed as a compromise.

Separately, the EU may extend the operation of the price cap mechanism for Russian oil, even if other provisions of the package cannot be agreed. For now, member states have temporarily kept the price ceiling at $44.1 per barrel until July 23 to buy more time for negotiations.

Last year, the EU changed the mechanism for setting the price cap for Russian oil, tying it to the average price of Urals with a 15% discount. At the same time, the recent rise in global oil prices amid the conflict over Iran could automatically raise the price ceiling, potentially increasing Russia’s oil revenues.

Earlier, the head of a Spanish port called for a postponement of the ban on Russian LNG.