Britain and the European Union lower the oil price cap to increase pressure on Russia

London – Al-Yurae’ – Britain and the European Union announced on Friday a reduction of the crude oil price cap, as part of their effort to target Russia’s oil revenue and intensify pressure on Moscow over the war in Ukraine.
This measure will lower the crude oil price cap from $60 per barrel to $47.60 per barrel.

British Chancellor of the Exchequer Rachel Reeves, speaking at the G20 summit in South Africa, said:
“The UK and its EU allies are turning the screw on the Kremlin’s war chest by stemming the most valuable funding stream of its illegal war in Ukraine even further.”
She added:
“This decisive step to lower the crude oil price cap will target Russia’s oil revenues and ramp up the pressure on Putin by exploiting his biggest vulnerability, while keeping energy markets stable