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Oil prices steady after revised sanctions
Financial Express Kochi
|July 19, 2025
Crimping Kremlin's Revenue
The UK joined the European Union's efforts to diminish Russia's revenues further by lowering the price cap on its crude oil, extending a broader push to pressure the Kremlin for continuing the war in Ukraine.
The cap on Russian oil, currently set at $60 per barrel, will be lowered to $47.60 on September 2, the UK government announced on Friday. The price caps of $100 on high-value refined oil products, such as diesel and petrol, and $45 on low-value refined oil products, such as fuel oil, remain unaffected.
This story is from the July 19, 2025 edition of Financial Express Kochi.
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