EU Scrambles to Seal New Russia Sanctions as Deadline Looms

EU countries were scrambling Tuesday to agree a new round of sanctions on Russia, on the eve of a deadline that could weaken a key measure to tamp down Moscow’s oil revenues.

Ambassadors from 27 member states were due to hold last-ditch talks in Brussels to thrash out a deal on the new package after a raft of objections held up an accord.

If no agreement is found by Wednesday then the EU could be forced to hike its price cap aimed at curbing the amount Russia can make from its global oil exports.

Under current regulations the level of the cap should shoot up from $44 to tally more closely with international oil prices after a surge due to the Middle East war.

Brussels had wanted to change those rules in the new sanctions package to maintain the current level for several more months so the Kremlin cannot take advantage of the leap in prices.

But the new round of sanctions -- the 21st the EU wants to impose on Russia since its 2022 invasion of Ukraine -- has faced a rocky ride since it was proposed last month.

Various countries have objected to different parts and sought to water them down.

Bulgaria resisted placing Russian Orthodox Patriarch Kirill on the blacklist.

Diplomats said Germany objected to a ban on imports of Alaskan Pollock -- a fish widely used in children’s meals -- from Russia.

There was also a push to tone down a plan to impose a sweeping visa ban on any Russians who took part in the war in Ukraine.

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The deal is expected to be announced by President Zelensky during Ursula von der Leyen’s visit to Kyiv on Wednesday.

Diplomats say that with other sticking points still remaining to be ironed out, it was unclear if a deal could be struck before the oil price deadline.

EU top diplomat Kaja Kallas said countries were “quite close” to a deal after a meeting of the bloc’s foreign ministers Monday.

“Our aim is to have an agreement. If we don’t have an agreement, then we start to work on Plan B,” she said.

Failure to reach an agreement could deal a blow to EU at a time Kyiv appears to be turning the tide in the war. EU chief Ursula von der Leyen is set to visit Kyiv Wednesday for talks with Ukraine’s President Volodymyr Zelensky.