The EU is racing to finalize its 21st package of sanctions against Russia as Moscow intensifies threats toward Europe and continues its war against Ukraine, according to Politico.The package is set to further target Russia’s oil revenues, financial sector and sanctions-evasion networks.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official.The measures were published on Tuesday and are expected to be presented to the European Commission next week.According to three diplomats and EU officials cited by Politico, Brussels is doubling down on economic pressure rather than pursuing new diplomatic initiatives with Moscow.The discussions come despite calls from some European leaders to appoint a special envoy for potential peace negotiations with Russia.One EU official told Politico that policymakers believe Ukraine could be in a stronger position after the summer, arguing that appointing a special envoy now could undermine efforts to pressure Russia at a moment when battlefield dynamics may be shifting in Kyiv’s favor.Oil cap and shadow fleet in focusA central element of the proposed package is a plan to preserve the current price cap on Russian oil exports.The existing cap is due to expire this summer and could automatically rise if no action is taken. EU countries are reportedly seeking to lock in the current ceiling to prevent Russia from benefiting from higher global oil prices.Diplomats told Politico that a full embargo on Russian oil remains unlikely, as does a proposed ban on maritime services connected to Russian energy exports.