EU lowers Russian oil price cap, adds sanctions

The European Union has lowered the price cap on Russian oil to approximately $47.6 per barrel and imposed new sanctions, aiming to further restrict Russia's ability to fund its war in Ukraine. These new measures include restrictions on Russian banks, targeting of "shadow fleet" ships, and a ban on transactions related to the Nord Stream pipelines. The decision followed Slovakia's agreement to drop its veto after securing guarantees regarding potential energy price impacts. The EU's actions, its 18th sanctions package since the invasion, have prompted calls for the U.S. to enact even stricter measures. Ukrainian President Zelenskyy welcomed the move, emphasizing its importance in response to intensified Russian attacks.