Signal EU agrees 21st Russia sanctions package; OFAC issues Russia, Cuba and counter-narcotics designations

Summary

EU diplomats agreed a 21st sanctions package against Russia covering 94 financial institutions, the Moscow Exchange, shadow fleet vessels and additional cryptocurrency platforms. The price cap on Russian crude was frozen for a further year at $44.10 per barrel. A compromise permits EU companies to transfer Russian LNG to third countries after 1 January 2027 under exemptions renewable annually, a provision included to secure Greek support. On 24 July OFAC renewed counter-terrorism, counter-narcotics and Cuba designations, removed certain Belarus-related designations and issued a Cuba-related general licence. OFAC had posted renewed Russia-related designations the previous day.