EU unveils new sanctions package on Russia, oil price cap

The European Union has proposed a wide-ranging new package of sanctions aimed at tightening financial and economic pressure on Russia over its war in Ukraine. Unveiled on June 9, 2026, by European Commission President Ursula von der Leyen, the 21st sanctions package since the 2022 invasion seeks to freeze a key price cap on Russian oil and targets banks, cryptocurrency networks, and a shadow fleet of oil tankers. The proposal also includes sanctions against Patriarch Kirill, the head of the Russian Orthodox Church, marking a significant step for the bloc after years of obstruction by Hungary.

A central measure is a proposal to halt a scheduled review of the EU's price cap on Russian oil, which is set to automatically adjust upward on July 15. The cap, implemented with G7 nations and Australia, is dynamic and set at 15 percent below the average market price for Russia's Urals crude. Due to a surge in oil prices following the closure of the Strait of Hormuz, an adjustment would significantly increase the cap and boost Russian revenues. The Commission proposes delaying any revision until January 2027, keeping the cap at its current level. Von der Leyen stated the adjustment...