EU to lower price cap on Russian oil under new sanctions
The EU announced on Friday that the price cap will be lowered from 60 to 47.6 dollars per barrel. It says the cap is set always 15 percent below the average market price.
The bloc also said the price will be adjusted in line with market fluctuations in principle, and that the cap will be reviewed every six months.
The EU introduced the 60-dollar cap on Russian oil in December 2022, based on its agreement with the Group of Seven nations and Australia.
The EU aims to pressure Moscow to accept a ceasefire by dealing further blows to the energy industry that supports the country's economy, and cutting down a source of revenue.
Britain will take similar measures. The EU is expecting other G7 members to follow suit, but it is unclear whether the United States will join hands with them.
The European bloc also announced that it will impose sanctions on an additional 105 vessels in Russia's so-called shadow fleet. The vessels allegedly transport Russian oil while circumventing restrictions.
EU foreign policy chief Kaja Kallas said in a statement that the latest sanctions aim to weaken Moscow's ability to continue the fighting. She added, "The EU will keep raising the pressure until Russia ends its war."
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