EU's Kallas says still hopeful that EU will reach deal on 18th Russia sanctions package tomorrow

EU's Kallas says still hopeful that EU will reach deal on 18th Russia sanctions package tomorrow

European Union High Representative Kaja Kallas has expressed optimism that the EU will reach an agreement on the 18th sanctions package against Russia by tomorrow, July 3, 2025. Speaking at the EU Foreign Affairs Council meeting, Kallas highlighted the bloc's close proximity to finalizing the package, which includes significant measures aimed at curbing Russia's ability to finance its ongoing war in Ukraine [2].

The 18th sanctions package, proposed by the European Commission in June 2025, introduces new restrictions on Russia's energy and banking sectors. Key provisions include a ban on all transactions related to the Nord Stream 1 and 2 pipelines, a reduction in the price cap on Russian oil from $60 to $45 per barrel, and an expansion of the "shadow fleet" sanctions list to include 77 additional tankers [3].

Kallas also welcomed the news of the United States providing Ukraine with weapons to defend itself, noting that this is a positive sign of international support for Ukraine. She emphasized the need for continued pressure on Russia to achieve peace, hoping that the American sanctions package or tariffs will also contribute to this effort [3].

However, the adoption of the sanctions package remains contingent on Slovakia's agreement, which has been delayed due to concerns about the gradual cessation of Russian gas supplies. Slovakia has demanded compensation or an exemption from the RePower EU roadmap in exchange for supporting the sanctions [1].

The EU is expected to review the price cap on Russian oil every six months, with the initial price set at around $47 per barrel, based on the average price over the past 22 weeks minus 15% [4]. This dynamic pricing mechanism aims to limit Russia's ability to generate revenue from oil exports.

Kallas' optimism comes as ambassadors from the EU have practically agreed on the package, with only minor technical reservations remaining. The final agreement is expected to be reached on Monday, July 3, ahead of a meeting of foreign ministers in Brussels the following day [4].

The EU's determination to reach a deal on the 18th sanctions package underscores its commitment to supporting Ukraine and putting pressure on Russia to end the conflict. The successful adoption of these measures could have significant implications for the global energy market and Russia's economic stability.

References:

[1] https://mezha.net/eng/bukvy/eu-finalizes-18th-sanctions-package-against-russia-with-lower-oil-price-cap/
[2] https://unn.ua/en/news/kallas-hopes-for-approval-of-18th-eu-sanctions-package-against-russia-today-or-tomorrow
[3] https://mezha.net/eng/bukvy/the-18th-eu-sanctions-package-against-russia-new-restrictions-and-political-agreement/
[4] https://unn.ua/en/news/eu-agrees-on-18th-package-of-sanctions-against-russia-with-reduction-in-price-cap-for-russian-oil-reuters