The European Union wants to lower a cap on the price of Russian oil to deprive the Kremlin of extra profits to fund its war in Ukraine as part of a new raft of sanctions aimed at forcing Moscow to the negotiating table, senior officials said on Tuesday.
EU foreign policy chief Kaja Kallas said the bloc is “proposing to lower the oil price cap from $60 to $45, which is lower than the market price, and lowering the oil price cap will hit Russia’s revenues hard.”
