Today, the European Union formally approved the 18th package of sanctions against Russia. Slovakia has backed down

BRUSSELS - The European Union today formally approved the 18th package of sanctions against Russia for its continued aggression in Ukraine. After lengthy negotiations, Slovakia, which has so far blocked adoption of the package because of concerns over the country's energy dependence, joined the agreement.

Slovak Prime Minister Robert Fico announced on Thursday evening that Bratislava had backed down and withdrawn its veto, having received guarantees from the European Commission to protect against the possible impact of disconnecting from Russian gas. Fico said Slovakia's economy would not be threatened and the country had received sufficient guarantees on supplies, prices and legal support in cases of disputes with Gazprom. Earlier, the vote was repeatedly suspended due to a Slovak veto at the level of the EU permanent representatives. Fico conditioned the approval specifically on the EU providing exemptions for Slovakia to allow it to fulfil its existing contract with Gazprom until 2034 and to protect it from arbitration and the impact of increased transit fees  .

The new sanctions package targets Russia's energy, banking and military industries. It includes a dynamic price cap on Russian oil - 15 % below the average market price over the last three months - and a ban on transactions in the Nord Stream pipeline infrastructure and sanctions on selected Russian banks. According to the EU's High Representative for Foreign Affairs, Kaja Kallas, these are the toughest measures yet to significantly reduce the Kremlin's revenues and restrict access to military financing.

Slovakia, which has long been dependent on Russian gas due to its contract with Gazprom, which runs until 2034, has long insisted on compensation or other safeguard mechanisms under the EU's RePower, which envisages a phasing out of supplies by 2027. After a series of negotiations, Brussels has offered assistance in the areas of pricing, energy security, cross-border tariffs and legal assistance in potential disputes. The package will be formally endorsed this morning by EU ministers for European affairs. Ursula von der Leyen confirmed that the EU will continue to press Russia "until Putin understands that war is unacceptable".

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