EU Imposes New Sanctions on Russia, Lowering Oil Price Cap to $47

New EU Sanctions Against Russia

• 🇪🇺 The European Union has approved an 18th round of sanctions targeting Russia, with a primary focus on its oil and energy sector.
• 🎯 The new measures aim to cripple Russia's ability to fund its aggression in Ukraine.

Revised Oil Price Cap

• 📉 The bloc will implement a floating price cap on Russian crude oil, set at 15% below its average market price.
• 💡 This new cap is set at $47 a barrel, a significant decrease from the previous $60 cap, intended to greatly reduce Russian oil profitability.
• 🌍 While EU countries are banned from importing Russian oil, Moscow continues to export to nations like India and China, which account for a third of Russian revenues.

Financial and Military Support for Ukraine

• 🏦 The sanctions package also includes cutting 22 more banks off the Swift international payment system.
• ⚔️ Support for Ukraine involves continuing the delivery of weapons to enable self-defense and implementing stricter economic sanctions against Russia.
• ✈️ Ukrainian President Zelensky welcomed the sanctions but emphasized the need for continued weapons and anti-missile system access, detailing discussions with French President Macron on air defense, missile supplies, and pilot training for Mirage jets.
• 🇺🇸 Zelensky can also count on renewed American support, with resumed weapons deliveries.
• 🇷🇺 Russia has denounced the measures as illegal but stated it has adapted to living under sanctions.