EU approves 21st sanctions package against Russia, including a 44-dollar oil price cap and wider finance restrictions

The European Union agreed its 21st sanctions package against Russia on 23 July, adding 218 individuals and entities and widening restrictions across finance, energy, crypto services, defense, cyber activity, and war-crimes accountability. For high-risk payment providers, the relevant part is the financial perimeter: Moscow Exchange, several banking structures, A7, and additional crypto service providers are now in scope.

1. On 23 July, the EU adopted the 21st package of restrictive measures against Russia, covering 48 individuals and 170 organizations. Brussels described it as one of the largest sanction rounds in the past four years, with measures spread across financial services, energy, the military-industrial complex, cyber activity, and accountability for war crimes.
2. In finance, the package targets Moscow Exchange and a number of key banking structures. It also tightens measures against the financial sector, including the cross-border payment network A7 and additional cryptocurrency service providers. The EU also introduced bans on crypto services in third countries that help circumvent sanctions.
3. On energy, the package extends pressure on Russian export revenues. The oil price cap on Russian crude is set at 44 dollars per barrel for 12 months. The sanctions list now includes additional vessels from the shadow fleet, refineries, and traders in Russia and Belarus, while restrictions were expanded for companies and individuals involved in gold mining, diamond extraction, mining, and metallurgy.
4. The defense block adds new prohibitions on the production and supply of long-range drones, as well as on exports of technology and components. Another 51 organizations supporting the Russian defense industry were added to the export-control list.
5. The cyber section formally attributes cyber espionage and sabotage operations against EU states and their partners to the FSB’s 16th Center for the first time. Sanctions were also imposed on cybercriminals and private companies linked to Russian security services, covering 9 individuals and 4 legal entities. The package also adds 15 individuals and one organization over alleged torture, inhuman treatment, sexual violence, and unlawful killings of Ukrainian prisoners of war and civilians.