EU and UK Tighten Squeeze on Russia with Oil Price Cap Reduction
The UK and EU have decided to lower the crude oil price cap from $60 to $47.60 to target Russia's oil revenues. This strategic move aims to intensify pressure on Moscow in response to the ongoing conflict in Ukraine, as stated by UK finance minister Rachel Reeves at a G20 meeting.
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- United Kingdom
The United Kingdom and the European Union are escalating their economic campaign against Russia by reducing the crude oil price cap from $60 to $47.60, a measure aimed at depleting Moscow's war funds. Britain announced this significant decision on Friday, signaling a step up in efforts to curb Russia's financial stability.
British Finance Minister Rachel Reeves, speaking at the G20 summit in South Africa, indicated that this move is a calculated attempt to weaken the Kremlin's financial backbone, thereby influencing the ongoing conflict in Ukraine. The initiative is aligned with efforts by the UK's European allies to financially isolate Russia.
The coordinated strategy reflects the continued global opposition to Russia's actions in Ukraine, with economic mechanisms being leveraged as tools of international diplomacy in the pursuit of peace and stability.
(With inputs from agencies.)
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