Story
EU Reaches Political Deal on 21st Russia Sanctions Package, Diplomats Say

Summary
European Union ambassadors have reached a political agreement on a new sanctions package against Russia, which includes a 12-month freeze on the Russian oil price cap and an exemption for LNG transfers, according to EU diplomats.
European Union ambassadors have reached a political agreement on the 21st sanctions package against Russia, a move that includes significant measures related to the country's energy exports, four EU diplomats told Reuters on Thursday.
The agreement marks the latest effort by the bloc to exert economic pressure on Moscow.
Details of the New Measures
According to two of the diplomats, the package contains two key provisions aimed at the energy sector. The measures are designed to provide market stability while still restricting Russian revenue.
Key components reportedly include:
- A 12-month freeze on the existing price cap for Russian oil.
- A one-year exemption that permits the transfer of Russian liquefied natural gas (LNG) through EU ports to third countries, which will be subject to automatic renewal.
Energy Market Impact
AdThe decision to freeze the oil price cap provides a year of predictability for global oil markets, shippers, and insurers, removing the near-term risk of adjustments that could disrupt trade flows. The cap mechanism, enforced by G7 nations, the EU, and Australia, is intended to keep Russian oil flowing to global markets but limit the Kremlin's profits.
The exemption for LNG transshipments is a critical concession that acknowledges Europe's role as a major hub for global gas logistics. This measure is likely intended to prevent a supply shock and price volatility in global LNG markets, particularly in Asia, which receives Russian LNG that is often transferred at European ports.
Path to Final Adoption
With a political consensus now in place, the technical details of the sanctions will be finalized. A formal written procedure for the package's official adoption is expected to be launched on Thursday afternoon, the diplomats said.
One diplomat noted the role of internal EU negotiations, stating, "Member states showed solidarity with Greece and it’s expected that Greece will do the same with others in the future," suggesting a compromise was reached to secure unanimous support.
Read next
More on Commodities
Copper Price Stalls at Key Fibonacci Resistance Near $6.70
Copper futures are facing a significant technical test at the 61.8% Fibonacci retracement level around $6.70, with overbought signals and fading volume creating uncertainty after a recent V-shaped recovery.

Silver Price Stalls at $68 Resistance Amid Bull Trap Warnings
Silver is testing the critical $68.00 resistance level, but technical indicators show weakening momentum and fading volume, raising the risk of a potential 'bull trap' for traders.

Brent Crude Tests Critical $103 Support Amid Conflicting Technical Signals
Brent oil futures are trading at a pivotal technical juncture around $103 per barrel, where a key support indicator is being tested. A breakdown could accelerate losses, while a successful defense may spark a rebound from oversold conditions.

Gold Prices Confined to Narrow Range as Technical Indicators Signal Indecision
Gold is trading within a tight band defined by significant technical support and resistance levels, as conflicting chart signals and declining volume point to a period of consolidation before a potential breakout.