The EU and UK have agreed to a new price cap on Russian oil exports, reducing it from $60 to $47.60 per barrel. This is part of a comprehensive sanctions package aimed at restricting the Kremlin's military funding for the war in Ukraine. The agreement includes various measures such as restrictions on pipelines, banks, and technology exports. Effective from September 3, companies in the EU and UK must adhere to this price cap, notably impacting their ability to facilitate Russian oil sales, which have been a significant revenue source for Russia.
The EU has agreed to lower the cap on seaborne oil exports to $47.60 from $60 a barrel as part of one of the strongest sanctions packages against Russia to date.
The EU said it will ensure the moving cap is always 15% lower than the average market price for Urals crude, the main Russian export blend.
The new cap will apply from 3 September, meaning that companies, insurance brokers, and shippers inside the EU and the UK cannot act to facilitate sales above the cap.
The UK and its EU allies are turning the screw on the Kremlin's war chest by stemming the most valuable funding stream of its illegal war in Ukraine even further.
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