The EU wants to lower the price cap on Russian oil in order to hit the Kremlin's coffers hard

The European Union is seeking to reduce the price cap on Russian oil from $60 to $45 per barrel. This should make it more difficult for Russia to finance its war against Ukraine. The EU also intends to discourage investment in the Nord Stream 1 and 2 gas pipelines.

These measures are set out in a new package of sanctions announced by European Commission President Ursula von der Leyen on Tuesday.
This is the eighteenth package of sanctions against Russia, and once again, Brussels is targeting oil revenues. Russia relies on oil exports for a third of its income.

This is why the EU introduced a price cap a few years ago. Since then, Russian oil has not been permitted to be sold for more than 60 dollars (52.50 euros) per barrel. Brussels now wants to lower this maximum to 45 dollars.

The previous price cap was introduced by the EU alongside other countries, including the United States, the United Kingdom, and Japan. Brussels did this under the umbrella of the G7. This time, the EU also intends to collaborate with this alliance of countries, which will shortly discuss the measure.

Source: commonspace.eu with agencies

Related articles

Editor's choice
News
Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell tells the European Parliament that the situation in Afghanistan was critical, but the EU will remain engaged

Borrell underlined that the European Union will make every effort to support the peace process and to remain a committed partner to the Afghan people. "Of course, we will have to take into account the evolving situation, but disengagement is not an option.  We are clear on that: there is no alternative to a negotiated political settlement, through inclusive peace talks.
Editor's choice
News
NATO Chief says war is on Europe's doorstep, and warns against complacency

NATO Chief says war is on Europe's doorstep, and warns against complacency

Russia could attack a Nato country within the next five years, the Secretary General of NATO, Mark Rutte, said in a stark new warning. "Nato's own defences can hold for now," Rutte warned in Berlin, but conflict was "next door" to Europe and he feared "too many are quietly complacent, and too many don't feel the urgency, too many believe that time is on our side. "Russia is already escalating its covert campaign against our societies," Rutte said in a speech in Germany. "We must be prepared for the scale of war our grandparents or great-grandparents endured." Earlier this month, Russia's President Vladimir Putin said his country was not planning to go to war with Europe, but it was ready "right now" if Europe wanted to - or started a war. But similar reassurances were given by Moscow in 2022, just before 200,000 Russian troops crossed the border and invaded Ukraine. Putin has accused European countries of hindering US efforts to bring peace in Ukraine - a reference to the role Ukraine's European allies have recently played in trying to change a US peace plan to end the war, whose initial draft was seen as favouring Russia. But Putin was not sincere, Nato's secretary-general said in the German capital, Berlin. Supporting Ukraine, he added, was a guarantee for European security. "Just imagine if Putin got his way; Ukraine under the boot of Russian occupation, his forces pressing against a longer border with Nato, and the significantly increased risk of an armed attack against us." Russia's economy has been on a war footing for more than three years now - its factories churn out ever more supplies of drones, missiles and artillery shells. According to a recent report by the Kiel Institute for the World Economy, Russia has been producing each month around 150 tanks, 550 infantry fighting vehicles, 120 Lancet drones and more than 50 artillery pieces. The UK, and most of its Western allies, are simply not anywhere near this point. Analysts say it would take years for Western Europe's factories to come close to matching Russia's mass-production of weapons. "Allied defence spending and production must rise rapidly, our armed forces must have what they need to keep us safe," the Nato chief said.

Popular

Editor's choice
News
NATO Chief says war is on Europe's doorstep, and warns against complacency

NATO Chief says war is on Europe's doorstep, and warns against complacency

Russia could attack a Nato country within the next five years, the Secretary General of NATO, Mark Rutte, said in a stark new warning. "Nato's own defences can hold for now," Rutte warned in Berlin, but conflict was "next door" to Europe and he feared "too many are quietly complacent, and too many don't feel the urgency, too many believe that time is on our side. "Russia is already escalating its covert campaign against our societies," Rutte said in a speech in Germany. "We must be prepared for the scale of war our grandparents or great-grandparents endured." Earlier this month, Russia's President Vladimir Putin said his country was not planning to go to war with Europe, but it was ready "right now" if Europe wanted to - or started a war. But similar reassurances were given by Moscow in 2022, just before 200,000 Russian troops crossed the border and invaded Ukraine. Putin has accused European countries of hindering US efforts to bring peace in Ukraine - a reference to the role Ukraine's European allies have recently played in trying to change a US peace plan to end the war, whose initial draft was seen as favouring Russia. But Putin was not sincere, Nato's secretary-general said in the German capital, Berlin. Supporting Ukraine, he added, was a guarantee for European security. "Just imagine if Putin got his way; Ukraine under the boot of Russian occupation, his forces pressing against a longer border with Nato, and the significantly increased risk of an armed attack against us." Russia's economy has been on a war footing for more than three years now - its factories churn out ever more supplies of drones, missiles and artillery shells. According to a recent report by the Kiel Institute for the World Economy, Russia has been producing each month around 150 tanks, 550 infantry fighting vehicles, 120 Lancet drones and more than 50 artillery pieces. The UK, and most of its Western allies, are simply not anywhere near this point. Analysts say it would take years for Western Europe's factories to come close to matching Russia's mass-production of weapons. "Allied defence spending and production must rise rapidly, our armed forces must have what they need to keep us safe," the Nato chief said.