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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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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.
Spectrum News 13
EU, U.K. hit Russia with new sanctions, targeting energy revenue and spies
The European Union and Britain are ramping up pressure on Russia over its war on Ukraine.
The EU presented the latest in a long series of sanctions packages aimed at Russia on Friday. Flemming Splidsboel sees it as positive, but points out that there are still many other buttons to turn.
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