On July 23, 2026, EU permanent representatives reached a political agreement on the 21st sanctions package against Russia, ending seven weeks of negotiations that began with the Commission's proposal on June 9. The new measures target 32 additional Russian banks, cryptocurrency firms, and oil trading platforms. For the first time, sanctions explicitly target vessels involved in Russia's 'shadow fleet' used to circumvent oil export restrictions. Additionally, the EU will maintain the price cap on Russian oil for another year and introduce measures to restrict entry for Russian combatants.

A key point of contention during the talks was the transportation of Russian liquefied natural gas (LNG) to third countries. Greece had expressed concerns that banning existing contracts would merely shift transport operations to Chinese companies. The parties reached a compromise allowing a limited exemption for LNG transport contracts signed before February 24, 2022. This exception is subject to annual review by the Council of the EU.

Technical finalization of the text is currently underway, with the written procedure for formal approval by all 27 member states scheduled to commence following the agreement. Commission President Ursula von der Leyen stated that these measures continue to weaken the economic foundations of the Russian war effort as Ukraine gains military momentum.