EU sanctions stalemate risks Russian oil windfall as cap expiry looms

EU foreign ministers failed to finalize the 21st sanctions package on July 13, risking the expiry of the oil price cap by July 15 and a potential windfall for Russia if prices rise; while most measures are agreed, core elements like extending the price cap and banning Russian combatants remain disputed, with ambassadors set to reconvene on July 14 to push for a consensus and a possible three-month extension to October.