EU Hits Russian Banks, Crypto Firms in Biggest Sanctions Round in Years

The sanctions also cover more than 50 military-industrial entities. EU officials linked those companies to Russia's defense supply chain, including producers involved in long-range drone programs.

The package freezes the Russian oil price cap at $44.10 per barrel for 12 months. EU officials said the cap is meant to limit Russian oil revenue while avoiding a broader energy price shock. European Commission President Ursula von der Leyen said the freeze prevents Russia from benefiting from sudden market moves. She wrote that the bloc was "freezing the oil price cap adjustment for a year." Russian crude has often traded above the cap. Urals, Russia's main export grade, was valued near $67.50 per barrel this week, excluding shipping and insurance costs, according to the sanctions text.

The package includes a compromise on Russian liquefied natural gas. EU firms received a one-year exemption, with automatic renewal, allowing Russian LNG transfers to third countries after a Jan. 1 deadline. Greece pushed for the exemption, arguing that a transfer-service ban would shift business outside Europe without reducing Russian revenue, officials said. Greece has a large role in Europe's LNG carrier market and competes with shipping firms in Japan and the United States, officials said.

EU imports of Russian LNG will still be banned from Jan. 1. The exemption applies to transfers to third countries, not direct EU purchases.

The transaction bans on 32 lenders take effect immediately, diplomats said. The oil price cap is frozen at $44.10 a barrel for 12 months. EU imports of Russian LNG are banned from Jan. 1, though transfers to third countries are exempted for one year.