Sanctions — 2026-07-25

EU Agrees 21st Sanctions Package Blocking 33 Russian Banks From SWIFT and Sanctioning Chief Negotiator Medinsky

BLUFUnanimity constraints, not strategic ambition, are shaping EU sanctions design, and a visa ban on Russian combat veterans remains unlikely to clear within the next three months.

The European Union adopted its 21st sanctions package on July 23, blocking 33 more Russian banks from SWIFT and bringing the total under full sanctions to 94, roughly half of Russia's banking sector by number 1. The Council also added 48 individuals and 168 entities to its asset-freeze list, including presidential aide Vladimir Medinsky, designated for his role in Russian war propaganda 2. Separately, EU ambassadors froze the Russian crude oil price cap at $44 per barrel for 12 months to block an automatic increase tied to Middle East-driven price rises 3. Diplomats finalized the package after Greece secured an exemption for its firms to keep transporting Russian Arctic LNG; a proposed visa ban on Russian combat veterans was deferred, and Bulgaria blocked designating Patriarch Kirill 3.

Analysis
The 21st package pushes full EU banking sanctions to about half of Russia's banks by number and locks the oil price cap at $44 for a year, removing an automatic ceiling increase that Middle East-driven price rises would have triggered. Exemptions for Greek LNG shipping and Bulgaria's block on designating Patriarch Kirill show the package's scope was set by preserving unanimity among 27 states rather than by maximizing pressure. A visa ban on Russian combat veterans is unlikely to clear a subsequent package within the next three months. Low confidence reflects reliance on a single diplomatic disclosure with no visible indicators of member states shifting position on the issue.

4 sources

EU blocks 33 Russian banks from SWIFT in 21st sanctions package - New Voice of Ukraine
EU Sanctions: 21st Package of Restrictive Measures against Russia Adopted - Bird & Bird
EU Agrees 21st Sanctions Package Against Russia - The Moscow Times
21st package of sanctions: EU hits Russian energy, financial services and crypto hard - Council of the European Union