Overview

• The EU will lower the price cap on Russian oil exports from $60 to $45 per barrel in an attempt to curb Moscow’s revenue.
• Kremlin spokesman Dmitri Peskov told Interfax that Russia has methods to mitigate the new cap and does not expect major market disruptions.
• China and India account for the majority of Russian oil purchases, providing billions in revenue that support Russia’s war economy.
• The move follows 17 prior EU sanction packages that have not ended Russia’s invasion of Ukraine.
• Ukrainian President Volodymyr Zelensky criticized the proposed cap as insufficient and called for a $30 price limit to intensify the squeeze on Russian funds.