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BRUSSELS: European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia for its full-scale invasion of Ukraine that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.
The sources said all the elements of the package had been agreed, although one member state still has a technical reservation on the new cap.
The sources — speaking on condition of anonymity to discuss confidential talks — said they expect to reach a full agreement on Monday, ahead of a foreign ministers’ meeting in Brussels the following day that could formally approve the package.
The sources said they had also agreed to a dynamic price mechanism for the price cap. On Friday, the European Commission proposed a floating price cap on Russian oil of 15 percent below the average market price of crude in the previous three months.
One of the sources said the initial price would be around $47 a barrel based on the average price of Russian crude for the last 22 weeks minus 15 percent. Further, the price would be revised based on the average oil price every six months instead of the proposed three months.
Slovakia — which has held up the proposed package — is still seeking reassurances from the European Commission on its concerns about plans to phase out Russian gas supply but it has agreed to the new measures, the sources said.
Sanctions require unanimity among the EU’s member countries to be adopted.
The Group of Seven (G7) price cap, aimed at curbing Russia’s ability to finance the war in Ukraine, was originally agreed in December 2022. The European Union and Britain have been pushing the G7 to lower the cap for the last two months after a fall in oil futures made the current $60 a barrel level largely irrelevant.
The cap bans trade in Russian crude oil transported by tankers if the price paid was above $60 per barrel and prohibits shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price cap.
The Commission proposed the package in early June, aimed at further cutting Moscow’s energy revenues, including a ban on transactions with Russia’s Nord Stream gas pipelines, and financial network that helps it circumvent sanctions.
Another one of the sources said the new package will list a Russian-owned refinery in India, two Chinese banks, and a flag registry. Russia has used flags of convenience for its shadow fleet of ships and oil tankers. 

NOUMEA: An accord between France and New Caledonia, creating a state within a state and hailed by President Emmanuel Macron as “historic,” hit immediate fierce criticism in the Pacific territory on Sunday.

Following deadly protests that rocked New Caledonia last year, Macron called for talks to break a deadlock between forces loyal to France and those seeking independence.

After 10 days of negotiations near Paris, French officials and a delegation of 18 New Caledonian pro-independence and anti-independence representatives reached agreement on Saturday to create a “State of New Caledonia” within the French Republic.

The text, which still requires French parliamentary approval and to pass a referendum in the territory, provides for the creation of a Caledonian nationality and the sharing of powers. But it won few supporters in the archipelago.

The signatories of the draft agreement admitted during a meeting with Macron on Saturday evening that they were struggling to win over opponents of the deal that will be submitted to a referendum in February 2026.

Joel Kasarerhou, president of civil society group Construire Autrement, called the agreement “stillborn,” describing it as a “poor” replica of previous agreements and “lacking ambition and vision.”

Kasarerhou said the youth at the heart of the May 2024 uprising had been “forgotten or barely mentioned.” He feared another “May 13” — the date the 2024 riots began.

Home to around 270,000 people and located nearly 17,000 kilometers from Paris, New Caledonia is one of several overseas territories that remain an integral part of France.

It has been ruled from Paris since the 1800s, but many indigenous Kanaks resent France’s power over the islands and want more autonomy or independence.