EU, UK Hit Russia With New Sanctions

Crimping Kremlin's Revenue

- Alberto Nardelli, Andrea Palasciano & Ellen Milligan

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.