EU member states reached a political agreement on the 21st sanctions package against Russia on July 23, 2026, following seven weeks of intense negotiations. The package, which aims to further weaken Russia’s financial and military infrastructure, includes sanctions on 32 additional banks, cryptocurrency entities, and oil trading platforms. A significant element of the agreement is the inclusion of the first-ever measures targeting vessels associated with Russia’s 'shadow fleet' used to circumvent existing oil export restrictions.

The final deal was delayed primarily by Greece, which held a veto until a compromise was reached regarding the transportation of Russian liquefied natural gas (LNG) to third countries. Athens argued that a broad ban would unfairly damage its dominant shipping industry, specifically impacting companies like Dynagas that operate specialized carriers. The resulting compromise grants a renewable annual exemption for LNG shipments conducted under contracts signed before February 24, 2022, the date of the Russian invasion of Ukraine.

The package also maintains the existing price cap on Russian oil and introduces new restrictions on the defense sector and visa issuance for former Russian combatants. Following the political agreement reached by ambassadors, the technical work and formal written approval process were initiated to finalize the adoption of the measures across all 27 member states.