EU lowers price cap for Russian crude under new sanctions package
Air view of a ship at sea.
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The European Union has reached an agreement on a new sanction package against Russia, which includes a lower price limit for Moscow’s crude oil barrels.
A year after Russia invaded Ukraine 2022, G7 and EU restrict the price that Moscow could continue to buy raw and petroleum products while using transport and logistics services from G7 companies without G7 companies.
The measures aimed to restrict Russia’s oil revenues – the backbone of the economy and the funds of war, while protecting the country’s materials to prevent a major distress.
In December 2022, G7 forbiped access to G7 transportation, insurance and reinsurance services in case of paying more than $ 60 per barrel for crude oil. In the past, a foundation of the purchase of European refiners, Russian crude oil is now primarily going to buyers in China and India.
EU policy makers pointed out that on Friday, the Russian oil price threshold will be reduced as part of a newly accepted sanction package.
“I welcome the agreement in our 18th sanction package against Russia. We hit the heart of Russia’s war machine. He said on social media.
EU’s best diplomat Kaja Kallas in the same agreement He said that the “low oil price” is part of the newly accepted measures, and that the block was first imposed by Russian oil producer Rosneft’s largest refinery in India.
Both officials did not explicitly name the level of the new price limit. CNBC reached Canada in 2025 to comment on whether the group has approved the lowered threshold.
– Silvia Amaro from CNBC contributed to this report.
This developing story is updated.
