EU's Russia sanctions aim for effective oil price cap

The European Union Friday agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry.

- REUTERS

The EU will set a moving price cap on Russian crude at 15% below its average market price, EU diplomats said, aiming to improve on a largely ineffective $60 cap that the Group of Seven major economies have tried to impose since December 2022.

"The EU just approved one of its strongest sanctions packages against Russia to date," EU foreign policy chief Kaja Kallas said on X.

"We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow."

G7 PRICE CAP INEFFECTIVE SO FAR