The EU targets Russia's energy revenue and shadow fleet with new sanctions over Ukraine war
RUSSIA, JUL 18 – The EU lowered the Russian oil price cap to $47.60 per barrel and sanctioned over 400 vessels in the shadow fleet to cut Moscow's war funding, officials said.
- On Friday , EU envoys agreed the new price cap will be set at 15% below market value, diplomats said.
- Previously, G7 set a $60 oil price cap, now the new floating mechanism starts at $47.6 per barrel, aiming to limit Russia’s oil revenues, as the key elements of the sanctions package specify.
- Beyond oil pricing, officials said over 100 shadow fleet vessels will be blacklisted, along with a Russian-owned refinery in India and two Chinese banks.
- Reactions rolled in as Kaja Kallas called it “one of its strongest sanctions packages against Russia to date,” while Robert Fico dropped his blockade after guarantees from Brussels.
- Following the envoys' agreement, and the package is expected to be formally ratified later today, diesel and refined fuels markets are already showing signs of tightening.
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Britain and EU strike at Russia’s oil profits
The European Union and the United Kingdom have decided to additionally tighten the ring around Russia, announcing a series of new sanctions that, according to officials, could have serious consequences for the economy of this country. The biggest blow is aimed at oil - the main source of income for the Russian state. The European bloc agreed to lower the price limit for Russian crude oil from the previous 60 dollars to exactly 47.60 dollars per …
Brussels. The European Union (EU) and the United Kingdom yesterday agreed on a new package of sanctions against Russia aimed at inflicting further blows on the oil and energy industry in Moscow. Block foreign policy chief Kaja Kallas said this is one of the strongest measures against Vladimir Putin’s regime to date.
On Friday, the EU reinforced its sanctions against Moscow by targeting the Russian oil manna with the hope of soon being joined by the United States, if the war in Ukraine continues. This is the 18th set of sanctions decided by Brussels. However, the latter does not seem to cause undue concern to the Russian side.
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