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Aujourd’hui — 18 juillet 2025Flux principal
  • ✇Euromaidan Press
  • London also slashes price cap on Russian oil to $47.60 per barrel after EU’s sanctions adoption
    London and Brussels jointly cut the Kremlin’s oil revenues. The UK government decided to lower the price cap on Russian oil from $60 to $47.60 per barrel after the EU adopted the 18th EU sanctions package on 18 July. The new Russia sanctions package will include a formal ban on the Nord Stream 1 and 2 pipelines. It will also target 105 ships from Russia’s shadow fleet and the entities enabling their operations. In addition, 22 Russian banks will face new financial restrictions aimed at cutting
     
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✇Euromaidan Press

London also slashes price cap on Russian oil to $47.60 per barrel after EU’s sanctions adoption

Par :Olena Mukhina
18 juillet 2025 à 16:26

A Russian oil tanker, illustrative image. Photo via Wikimedia.

London and Brussels jointly cut the Kremlin’s oil revenues. The UK government decided to lower the price cap on Russian oil from $60 to $47.60 per barrel after the EU adopted the 18th EU sanctions package on 18 July.

The new Russia sanctions package will include a formal ban on the Nord Stream 1 and 2 pipelines. It will also target 105 ships from Russia’s shadow fleet and the entities enabling their operations. In addition, 22 Russian banks will face new financial restrictions aimed at cutting their access to international funding. Brussels will also ban the export of European technologies used in Russian drone production.

According to Western analysts, Moscow’s oil profits have already dropped by 35% compared to last year. The new lower price cap will further restrict the Kremlin’s financial resources used to fund its aggression against 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,” said UK Chancellor of the Exchequer Rachel Reeves.

The official added that this decisive step to lower the crude oil price cap will target Russia’s oil revenues and intensify pressure on Russian President Vladimir Putin by exploiting his greatest vulnerability.

London emphasized that the sanctions are intended to punish the aggressor and preserve the stability of the global energy market.

 

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