The European Union and the UK are collaborating to decrease the current oil price cap on Russian crude from $60 per barrel. This initiative is part of ongoing sanctions aimed at crippling Russia's economy amid its continued war efforts. The EU has initiated an 18th package of sanctions and is working to align with G7 partners for changes to the price cap. Suggestions vary, with reports indicating a targeted reduction to around $50. These measures are seen as critical to limiting the Kremlin's funding from oil exports.
The EU and UK are advocating for a lower oil price cap on Russian crude to reduce Moscow's revenue from oil sales, currently set at $60.
The EU has planned an 18th sanction package against Russia, aimed at convincing G7 partners to decrease the oil price cap, with discussions ongoing.
G7 finance ministers expressed frustration over the US's hesitation to lower the oil price cap, emphasizing the need for stronger sanctions against Russia.
The EU suggests a potential new cap around $50 to further limit Russia's oil revenue as Brent crude prices hover close to the current cap.
Collection
[
|
...
]