The United Kingdom announced on Friday 18 July that it is joining the European Union in lowering the price cap on Russian seaborne oil.

Source: a statement by the UK government, as reported by European Pravda

Details: Alongside the EU, the UK is reducing the price cap on Russian oil from US$60 to US$47.60 per barrel "directly hitting Russia’s oil revenues, which have already fallen 35% year-on-year to May".

"Together we will continue to apply relentless pressure on Putin, squeezing his critical oil industry and cutting off funding for his illegal war in Ukraine," UK Foreign Secretary David Lammy stressed.

The price cap sets the maximum price at which companies from the Group of Seven can ship, insure, or otherwise service Russian seaborne oil.

The government stated that UK businesses have until 2 September to adapt to the reduced price cap.

Background: 

• The European Union has lowered the price cap on Russian oil as part of its 18th package of sanctions, which was finally approved on 18 July. This became possible after Slovakia and Malta withdrew their objections.
• The package imposes sanctions on 105 vessels from Russia’s shadow fleet, lowers the price cap on Russian oil and targets banks and companies outside Russia that support its war effort.

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