UK joins EU in lowering price cap on Russian oil to $47.6 per barrel
The United Kingdom has joined the European Union’s decision to lower the price cap on Russian oil.
This was announced on the UK government’s website, reports Censor.NET.
Following the EU, the UK is reducing the price cap on Russian oil from $60 to $47.6 per barrel.
The UK government stated that this decision "will directly hit Russia’s oil revenues, which have already fallen by 35% compared to last year."
"Britain and its EU allies are ‘tightening the screws’ on Kremlin profits, further cutting off the most valuable source of funding for its illegal war in Ukraine. This decisive step to reduce the ‘price cap’ on crude oil is aimed at Russia’s oil revenues and will increase pressure on Putin by targeting his greatest vulnerability, while maintaining energy market stability," said British Chancellor of the Exchequer Rachel Reeves.
Meanwhile, British Foreign Secretary David Lammy stated:
"As long as Putin ignores genuine peace talks, we will not stand by. Together with the EU, we are pressuring Russian energy to cut off funding for its war."
Recall that on July 18, the European Union approved its 18th sanctions package against Russia. Kaja Kallas called it one of the strongest.
The 18th package includes over a hundred vessels of the "shadow fleet," a reduction of the price cap on Russian oil, and measures against banks and companies outside Russia involved in supporting its war machine.
