An EU diplomat said on Wednesday that EU representatives have yet to agree on the 21st round of sanctions against Russia. The diplomat added that while continuing negotiations on the 21st round of sanctions, EU representatives have agreed to maintain the upper limit of Russian oil prices at the current level of 44.10 US dollars per barrel until July 23. This price cap mechanism, supported by the European Union and G7 allies, was redesigned last year to make it more flexible and able to adjust as oil prices fluctuate. EU High Representative for Foreign Affairs and Security Policy Callas warned earlier this week that EU countries have yet to agree on a wide-ranging 21st round of sanctions.

An EU diplomat said on Wednesday that EU representatives have yet to agree on the 21st round of sanctions against Russia. The diplomat added that while continuing negotiations on the 21st round of sanctions, EU representatives have agreed to maintain the upper limit of Russian oil prices at the current level of 44.10 US dollars per barrel until July 23. This price cap mechanism, supported by the European Union and G7 allies, was redesigned last year to make it more flexible and able to adjust as oil prices fluctuate. EU High Representative for Foreign Affairs and Security Policy Callas warned earlier this week that EU countries have yet to agree on a wide-ranging 21st round of sanctions.