EU launches new sanctions against Russia for more effective oil price cap
On Friday, the European Union approved an 18th round of sanctions targeting Russia for its ongoing war in Ukraine, introducing new measures designed to further cripple the country’s oil and energy sector. According to EU diplomats, the bloc will implement a floating price cap on Russian crude oil set at 15% below its average market price — an effort to strengthen the impact of the largely ineffective $60 cap imposed by the Group of Seven nations since December 2022. Thibault Franceschet and Simon Mortiz tell us more.
On Friday, the European Union approved an 18th round of sanctions targeting Russia for its ongoing war in Ukraine, introducing new measures designed to further cripple the country’s oil and energy sector.
According to EU diplomats, the bloc will implement a floating price cap on Russian crude oil set at 15% below its average market price — an effort to strengthen the impact of the largely ineffective $60 cap imposed by the Group of Seven nations since December 2022. Thibault Franceschet and Simon Mortiz tell us more.
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