Updated
Updated · Euronews · Jul 13
Bulgaria Drops Patriarch Kirill From EU's 21st Russia Sanctions Draft as Oil Cap Deadline Nears
Updated
Updated · Euronews · Jul 13

Bulgaria Drops Patriarch Kirill From EU's 21st Russia Sanctions Draft as Oil Cap Deadline Nears

3 articles · Updated · Euronews · Jul 13

Summary

  • Bulgaria secured Patriarch Kirill’s removal from the EU’s 21st Russia sanctions draft at a Sunday meeting of ambassadors, after arguing the measure was symbolic and risked stoking anti-EU sentiment in an Orthodox member state.
  • Velislava Petrova-Chamova said Sofia backs sanctions with financial impact on Russia, not steps without economic effect, even though Kirill has endorsed Moscow’s war as a “holy war.”
  • The wider package still failed to win ministers’ approval in Brussels on Monday and is being renegotiated at an emergency meeting Tuesday, leaving the bloc racing to finalize it.
  • July 15 is the key deadline because the EU oil price cap could reset from about €44 to as high as €58 a barrel if left unchanged, potentially boosting Kremlin revenue as crude prices rise.

Insights

With Russia's shadow fleet thriving, are EU sanctions an elaborate but ineffective game of cat and mouse?
As national interests repeatedly stall sanctions, is the EU's unanimity rule its own worst enemy?
Will targeting third-country businesses for sanctions evasion push them further into Russia's economic orbit?