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The EU adopts its 21st sanctions package against Russia, with an exemption granted to Greece
Herz — Business Desk · · 30s summary · 2 min read
The essentials
The ambassadors of the 27 EU member states adopted the 21st sanctions package against Russia on July 23, 2026. To secure unanimous approval, the EU granted an exemption to Greece, allowing it to continue exporting Russian liquefied natural gas (LNG) to third countries outside the EU after January 2027, under strict conditions. The package also targets 32 additional Russian banks, cryptocurrency companies and oil trading platforms, and freezes for one year adjustments to the mechanism designed to cap Russian oil revenues. The Greek exemption will be reviewed after one year.
- The EU adopts its 21st sanctions package against Russia on July 23, 2026
- Greece secures exemption to export Russian LNG after January 2027
- 32 additional Russian banks targeted in the package
- Russian oil price cap mechanism frozen for one year
- Greek exemption to be reviewed after one year
What we know
The ambassadors of the 27 EU member states adopted the 21st sanctions package against Russia on July 23, 2026, according to Le Temps and Lost in the Jungle.
The text required unanimous approval from all 27 member states. This rule forced negotiators to find a compromise rather than abandon the entire package.
European Commission President Ursula von der Leyen welcomed the adoption of the text.
continues to weaken the economic foundations of Russia's war effort
— Ursula von der Leyen, President of the European Commission
The concession granted to Greece
Greece — which hosts the world's largest merchant fleet — had vetoed the package to demand an exemption allowing it to continue exporting Russian liquefied natural gas (LNG) to third countries outside the EU.
The 27 had agreed in October 2025 to ban any purchase, import or transfer of LNG from Russia starting January 2027.
The exemption obtained by Athens allows it to continue these Russian LNG exports to third countries after January 2027. It applies only to contracts signed before February 24, 2022 and in volumes not exceeding those transported in 2025.
This exemption will be reviewed after one year.
What the package targets
The 21st package targets 32 additional Russian banks, cryptocurrency companies and oil trading platforms.
It also freezes for one year adjustments to the Russian oil price cap mechanism, a device designed to limit Moscow's oil revenues.
Timeline
- February 24, 2022Reference date for contracts covered by the Greek exemption on Russian LNG.
- October 2025The 27 agree to ban Russian LNG starting January 2027.
- July 22, 2026The ambassadors of the 27 meet in Brussels to attempt to finalize the 21st package after several unsuccessful attempts.
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