EU adopts 21st Russia sanctions package

On July 23-24, 2026, the Council of the European Union adopted its 21st package of sanctions against Russia in response to its ongoing military aggression against Ukraine. The package includes 218 new designations (48 individuals and 170 entities), the largest batch in four years. It targets Russia's financial sector by freezing assets of 94 banks and financial institutions, extending transaction bans to 33 additional Russian credit institutions, and adding four third-country banks. The EU also imposed transaction bans on 14 crypto platforms and created a legal basis for full third-country bans on crypto services that facilitate sanctions evasion. In the energy sector, the EU froze the oil price cap at $44.10 per barrel until July 15, 2027, and expanded measures against Russia's shadow fleet, listing 41 more vessels and targeting support services. The package also imposed a transaction ban on Georgia (country)'s Kulevi Oil Refinery for processing Russian crude, with a six-month delay. It added 56 listings related to Russia's military-industrial complex, including 37 linked to long-range drones, and expanded export restrictions on dual-use goods. Import bans were extended to copper, nickel, lead ores, and other goods. The package also included measures on Belarus, legal protections for EU operators, and groundwork for a visa ban on Russian military personnel. Ukrainian President Volodymyr Zelenskyy welcomed the package, while Greece had raised objections over LNG restrictions but ultimately the package was adopted.