EXPERT PERSPECTIVE — The European Union has made its long-awaited decision to cap Russian crude oil at $60 per barrel and to prevent European companies from shipping Russian oil not covered by the price cap, to other countries. The measures took effect at the same time the EU imposed a new sanctions package outlawing a range of maritime services to Russia. A Kremlin spokesman described the EU actions as “a step toward destabilization of the world energy markets.”
The EU moves represent the latest salvos in the Western campaign to exact an economic price for Russia’s aggression against Ukraine.
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