Several EU countries tried to enforce exemptions to protect their national economic interests. Greece opposed a total ban on (cooperation with) the transit of Russian liquefied natural gas to non-EU countries.
A major Greek shipping company owns a large fleet of modern ice-breaking tankers that can also reach northern Russian ports, and is considered an important Russian transporter.
For old contracts from before 2022 (the start of the Russian occupation of eastern Ukraine), an exception is now being made; new agreements may no longer be concluded. This exception applies for a period of twelve months and can be extended afterward.
Promotion
Price Cap
An important part of the new sanctions package is the freezing of the price cap for Russian crude oil. The automatic review of that cap is now postponed by one year. The oil price is linked to world market prices. Those prices have risen sharply in recent months due to the American war against Iran. This threatened that Russia could earn extra revenue from oil exports.
Shadow Fleet
Additionally, the package contains new measures against the Russian financial sector. Additional banks will be placed under a transaction ban. Crypto companies and trading platforms related to Russian oil trade will also face additional restrictions. Furthermore, persons, companies, and vessels are again being added to the European sanctions lists, including ships that are part of the so-called Russian shadow fleet.
Watered Down
Not all originally proposed measures made it across the finish line. Several elements disappeared from the package during negotiations. For example, there will be no general visa ban for Russian soldiers who fought in Ukraine, for now. However, EU countries agreed to revisit such a measure later.
European Commission President Ursula von der Leyen welcomed the reached agreement. According to her, the new sanctions will further pressure the economic foundation of the Russian war efforts and prevent Russia from profiting from fluctuations in the energy market.