Commentary
Economic Security
Poland and Sweden Bet on More Than Submarines
7 July 2026
The EU’s failure to finalise its 21st sanctions package on 13 July shows that interests and rhetoric prevail over political will. But it also allows Russia to anticipate and prepare.
The EU Foreign Affairs Council on Monday produced only a setback in what could become an ambitious set of measures targeting Russia’s economy. The original proposal, unveiled over a month ago, included restrictions on Russia’s fish exports, the military-industrial complex, the entry of its combatants to the EU, as well as a freeze on the oil price cap.
Eventually, many of the original provisions have been removed or watered down, but the agreement is still not in place at the time of writing. Importantly, Europe’s top diplomat Kaja Kallas revealed that she could not ‘offer any guarantees’ regarding whether the 44.10 US dollars per barrel oil price cap will remain after the 15 July deadline.
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