Kaja Kallas, June 9 -- The price cap on Russian oil gets the headline. The more telling signal in Tuesday's announcement was the target list that came with it.

banks, weapons manufacturers, oil traders, refineries, and crypto operators in third countries. That last phrase is the operative one. Brussels is no longer restricting itself to sanctioning Russian entities. It is reaching into non-EU jurisdictions to target the financial and logistical infrastructure that makes Russian sanctions evasion possible.

"Today, we are presenting our proposals for a 21st sanctions package against Russia," Kallas wrote on X. "This includes a temporary freeze of the Russian oil price cap and designations of institutions used by Moscow to generate revenue...