The UK government has decided to lower the price cap on Russian crude oil, following an agreement reached earlier today within the EU as part of the 18th sanctions package against Moscow.
This was announced in the UK government press release, Ukrinform reports.
Today’s decision reduces the price cap on Russian crude oil from $60 per barrel to $47.60.
The measure is expected to directly impact Russia’s oil revenues, which have already declined by 35% compared to last year.
The move is aimed at further restricting Putin’s oil industry, lowering the market value of Russian crude, and targeting a key source of funding for the Kremlin’s illegal war in Ukraine.
“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. This decisive step to lower the Crude Oil Price Cap will target Russia’s oil revenues and ramp up the pressure on Putin by exploiting his biggest vulnerability – while keeping energy markets stable,” said UK Chancellor of the Exchequer Rachel Reeves.
As reported, the EU has approved its latest, 18th package of sanctions against the Russian Federation described as one of the toughest to date.
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Source: UK follows EU in lowering Oil Price Cap on Russian crude
