EU, UK hit Russia with new sanctions
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The European Union and Britain on Friday sought to ramp up economic pressure on Russia to halt the war in Ukraine by slashing a price cap meant to choke off revenues from key oil exports.The EU and Britain said they would lower the cap on Russian oil exported to third countries around the world to 15 percent below market value.
Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war,” EU foreign policy chief Kaja Kallas said in a statement.
The EU yesterday adopted a sweeping new package of sanctions on Russia over the Ukraine war, looking to pile more pressure on the Kremlin by lowering a price cap for Moscow’s oil exports.