Blow to the Russian budget: Great Britain joins EU energy sanctions
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The UK has joined the EU’s energy sanctions on Russia. London has reduced the ceiling price for Russian oil from $60 to $47 per barrel.
This was reported on the British government website.
The decision to impose restrictions on Russian oil is aimed at reducing the Russian budget’s revenue from exports.
The new restrictions were announced simultaneously by the governments of Britain and the EU countries as part of a coordinated strategy to put economic pressure on the Kremlin.
“We are increasing pressure on the Kremlin’s budget by restricting the main source of funding for its illegal war in Ukraine. This is a decisive step – a blow to Putin’s most vulnerable spot,” said UK Finance Minister Rachel Reeves at the G20 summit in South Africa.
British Foreign Secretary David Lemmy stressed that until Putin begins real peace talks, the United Kingdom will not stand aside.
“Together with the EU, we are putting pressure on the Russian energy sector to cut off the financing of its war,” he added.
It was previously reported that the United Kingdom has imposed sanctions against the Russian GRU for conducting a long-term campaign of cyber activity and a number of war crimes .
As a reminder, EU ambassadors have approved a new, eighteenth package of sanctions against Russia . The package focuses on reducing the maximum price for Russian oil, as well as limiting Russia’s “shadow fleet.”
As reported, the Donald Trump administration will impose secondary sanctions and tariffs against Russia if a ceasefire is not achieved in Ukraine within 50 days.
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