11 Hrs
Source:
Sky News
Europe acts to stop Russia oil gains
The European Union faces the possibility of suspending the cap on Russian oil prices, currently set at $44.10 per barrel, amid escalating tensions in the Middle East. European officials are examining options such as halting automatic adjustments to the cap or raising the maximum to $60, aiming to limit Russian profits from rising oil prices—especially as tensions and the war with Iran intensify, along with the closure of the Strait of Hormuz. Plans also include expanding sanctions to target more banks and companies linked to Russia, along with efforts to restrict the export of metals and raw materials used for military purposes, as part of a new package of sanctions Europe has been preparing since 2022.
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