Overview
- The 18th sanctions package proposes banning transactions with Russia’s Nord Stream pipelines, targeting banks that enable sanctions circumvention, and imposing a floating oil price cap 15% below average market rates.
- On July 15, Slovak Prime Minister Robert Fico vetoed the package to demand a legal exemption for Gazprom contracts running through 2034, warning of a potential €16–20 billion lawsuit if agreements are terminated.
- President Ursula von der Leyen offered state aid and an “emergency break” mechanism for extreme gas price spikes but declined to provide Slovakia with a tailor-made exemption.
- High Representative Kaja Kallas said technical discussions are ongoing and expressed optimism that member states could reach a decision by the end of the week.
- EU rules require unanimous approval for sanctions, giving landlocked and eastern members like Slovakia and Hungary the power to block measures until their energy security concerns are addressed.