New price cap on Russian oil comes into effect from 3 September

Starting 3 September, the price cap on Russian oil will be set at US$47.60 per barrel, down from the previous cap of US$60.

Source: Andrii Yermak, Head of the President’s Office

Quote: "As of today, a new price cap on Russian oil has come into effect. The limit is now US$47.60 per barrel instead of the previous US$60. This decision was taken earlier within the framework of the EU’s 18th sanctions package against the Russian Federation."

Details: Yermak thanked Ukraine’s European partners for taking account of the recommendations made by the sanctions group regarding the reduction of the Russian oil price cap.

Background: The EU’s upcoming 19th Russia sanctions package may include restrictions on Russian energy and financial services as well as secondary sanctions.

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