Member countries of the European Union, EU, have agreed on a new round of sanctions on Russia over the war in Ukraine, which includes lowering the price cap on Russia’s oil exports.
This 18th round of sanctions against Russia since its 2022 invasion of Ukraine was approved this Friday.
Recall that in 2022, the oil price cap was set at $60 but it has now been reduced further to $47.6 to limit the amount of money Russia makes by exporting oil to countries across the globe and by extension weaken Russia’s ability to continue the war against Ukraine.
The chief of foreign policy at the EU, Kaja Kallas says this was the strongest sanctions packages against Russia to date, saying that Europe will not back down in its support for Ukraine and will keep raising the pressure until Russia ends its war.