Turin, July 18 (LaPresse) – The United Kingdom has announced its decision to increase economic pressure on Russia by joining the European Union in lowering the oil price cap. According to a government statement, the move to reduce the crude oil purchase ceiling "strikes at the heart of Putin’s oil revenues."
"Today’s action will lower the price cap on crude oil from $60 per barrel to $47.60, directly impacting Russia’s oil revenues, which have already declined by 35% year-on-year through May," the statement reads.
"This will tighten the squeeze on Putin’s oil industry by lowering the market value of Russian crude and damaging a key source of funding for the Kremlin’s illegal war in Ukraine."
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