On 23 July, the European Council adopted the 21st package of restrictive measures against Russia in response to its war of aggression against Ukraine. The package targets key sectors of the Russian economy with the aim of further limiting Russia's ability to finance the war. It also includes the largest set of new sanctions listings in the past four years, covering 218 individuals and entities (48 individuals and 170 entities). Those listed are subject to asset freezes, travel bans (for individuals) and restrictions on transactions and the provision of funds.
The package significantly expands EU sanctions on Russia's financial and banking sector, targeting institutions that support and finance Russia's war economy. The EU has frozen the assets of 94 Russian banks and major financial institutions and imposed restrictions on dealings with them. It has also extended transaction bans to 33 additional Russian financial institutions, sanctioned one Kyrgyz bank and three other non-Russian banks accused of helping Russia bypass sanctions, and targeted the A7 cross-border payment network. In addition, 14 cryptocurrency service providers based outside Russia have been sanctioned for facilitating sanctions evasion. Furthermore, for the first time, the EU has introduced the option to impose a full ban on third-country crypto-asset service providers that help Russia circumvent EU sanctions. This would allow the EU to prohibit all transactions between EU operators and such crypto providers, increasing pressure on countries that host them.
In the energy sector, the package pauses the automatic adjustment of the Russian oil price cap mechanism until 15 July 2027 to ensure that Russia's oil revenues remain limited despite the exceptional market conditions caused by the closure of the Strait of Hormuz. In particular, the EU freezes Russian oil price cap at $44.10 per barrel for 12 ​months, preventing an automatic increase that would have raised it to around $58.50
The package also expands sanctions against Russia's shadow fleet by covering vessels that provide support services, such as refuelling and adds 41 more vessels to the sanctions list.
Overall, the 21st sanctions package underscores the EU's determination to intensify economic pressure on Russia while supporting efforts to achieve a just and lasting peace through meaningful negotiations.
We draw your attention to the Questions and Answers on the 21st package of sanctions against Russia issued by the European Commission, on 24 July 2026.