- ENG.UATV.UA - A La Une - 19/Jul 14:05

UK Follows EU in Lowering Price Cap on Russian Oil

The United Kingdom has decided to lower the price cap on Russian oil, aligning with a move agreed earlier the same day by the European Union as part of its 18th sanctions package against Moscow. According to a government press release cited by Ukrinform, the new measure will reduce the price cap on Russian crude oil from $60 to $47.60 per barrel. This step is expected to directly impact Russia’s oil revenues, which have already dropped by 35% compared to last year. The UK government emphasized that the decision will: Restrict Putin’s oil industry, Lower the market value of Russian crude, Undermine a key source of funding for the Kremlin’s illegal war in Ukraine. “The UK and our EU allies are tightening the screws on Kremlin revenues—cutting off the most valuable stream of funding for Putin’s illegal war in Ukraine. This decisive move to lower the crude oil price cap will target Russia’s oil income, increase pressure on Putin by exploiting his biggest vulnerability, and at the same time preserve global energy market stability,”— said UK Chancellor of the Exchequer Rachel Reeves. Earlier the same day, the European Union approved its 18th package of sanctions, described as one of the harshest to date, which also included lowering the price cap on Russian crude oil to $47.60 per barrel. The post UK Follows EU in Lowering Price Cap on Russian Oil appeared first on Freedom.