Slovakia will allow the European Union’s 18th sanctions package against Russia, after blocking the EU's approval of the sanctions multiple times demanding guarantees against damages it fears from a separate EU plan to end all gas imports from Russia Prime Minister Robert Fico announced on Thursday.
"At this point, it would be counterproductive to continue blocking the 18th sanctions package tomorrow," Fico said in a video message posted on Facebook.
The European Commission last month proposed the 18th package of sanctions against Russia for its 2022 invasion of Ukraine, aimed at Moscow's energy revenue, banks, and military industry.
The proposed package included a floating price cap on Russian oil of 15% below the average market price of crude in the previous three months, EU diplomats have said.
The new set of restrictions would also ban transactions with Russia's Nord Stream gas pipelines, as well as banks that engage in sanctions circumvention.
Slovakia has vetoed the package several times to try to win concessions on the separate plan to phase out Russian oil and gas, which, unlike sanctions, does not need unanimous support from EU countries.
Bratislava continues to import Russian energy, including gas under a contract running until 2034, and often takes pro-Russian views on Ukraine.
Fico said on Tuesday that Slovakia had received guarantees from the Commission on assistance in case of potential gas shortages or jumps in prices and transit fees, and assistance in disputes over potential damage claims from Russian supplier Gazprom (GAZP.MM).
According to reports, the Commission sent a letter to Slovakia on Tuesday saying it would intervene in potential litigation, and it also clarified how an "emergency break" can be triggered if gas prices spike because of scarce supply during the Russian gas phase-out. The correspondence also said that Brussels will develop a solution that aims to reduce the costs of cross-border tariffs on gas and oil for Slovakia.
EU countries' ambassadors will meet on Friday morning to approve the new sanctions, according to EU diplomats speaking to Reuters.
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