No consensus reached on 21 rounds of sanctions against Russia; EU maintains price cap on Russian oil at $44.1 per barrel for now

An EU diplomat revealed on Wednesday that representatives from EU member states have not yet reached a consensus on the 21st package of sanctions against Russia. The diplomat further stated that during the transition period while consultations on the package continue, member states have agreed to extend the current price cap of $44.10 per barrel on Russian crude oil until July 23.

This crude oil price cap mechanism, jointly promoted by the EU and the G7, was optimized and adjusted last year, with significantly enhanced flexibility to dynamically adapt to international crude oil price trends. EU High Representative for Foreign Affairs and Security Policy Kallas also warned earlier this week that countries still have significant divergences on the widely covered 21st package of sanctions against Russia and have not yet formed a unified resolution.