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EU Cuts Russian Oil Price Cap to $45 and Bans Nord Stream Deals in New Sanctions

Blacklisting more than 100 sanction-busting ships with sanctions on two Chinese banks aims to squeeze Kremlin finances until Russia ends its war in Ukraine.

Emergency services personnel work to extinguish a fire following a Russian attack in Odesa, Ukraine, Friday, July 11, 2025. (AP Photo/Michael Shtekel)
European Union High Representative for Foreign Affairs and Security Policy Kaja Kallas arrives at the 5th EU-Southern Neighbourhood Ministerial meeting in Brussels, Belgium, July 14, 2025. REUTERS/Yves Herman/File Photo
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Overview

  • The EU lowered its cap on Russian crude from $60 to $45 per barrel to further undercut Moscow’s main revenue source.
  • Transactions related to the Nord Stream gas pipelines are now prohibited, blocking any future investment or revenue from the defunct project.
  • Brussels added over 100 tankers and support vessels to its shadow-fleet blacklist to curb Russia’s oil export evasion tactics.
  • Two Chinese banks were sanctioned for facilitating Kremlin financial operations, marking the first time foreign intermediaries in Asia have been targeted.
  • EU foreign policy chief Kaja Kallas called the measures among the bloc’s toughest to date and vowed to maintain pressure until Russia withdraws from Ukraine.