EU envoys meet to negotiate 21st Russia sanctions package

EU envoys will meet on Wednesday to negotiate a 21st Russia sanctions package. The new package targets Russia's banking sector to squeeze Moscow's financial system. Greece has become the main obstacle to its adoption, wanting the EU to soften planned restrictions on Russian LNG supplies. Athens argued last week that a forthcoming transfer ban on Russian liquefied natural gas (LNG) would simply shift market share outside Europe and would not impact Russian revenues.

Greece dominates Europe's LNG carrier market and is among the biggest players globally, competing with Japan, China, and the United States. The package lists about 215 individuals and entities, including 94 financial institutions. Close to 90 of these are banks, taking the total number of sanctioned banks to over 100, or more than half of Russia's 213 internationally connected lenders. EU diplomats had hoped the departure of Hungary's Viktor Orban would translate to smooth sailing on future packages.