INSUBCONTINENT EXCLUSIVE:
EU countries on Friday approved a new package of sanctions against Russia over its war in Ukraine, including lowering the price cap on
2027.As part of the new measures, EU diplomats said the bloc agreed to lower the price cap on Russian oil exported to third countries to 15%
below the global market value, down from the G7-imposed $60-per-barrel cap introduced in 2022
The new EU level will start at $47.60 and will be adjusted in line with market fluctuations.The cap, a G7 initiative, bars shipping and
insurance firms from servicing Russian oil shipments sold above the threshold
EU allies reportedly failed to convince U.S
President Donald Trump to back the new lower cap, though Britain and Canada are expected to support the move.The package also blacklists
Additional sanctions target a Russian-owned refinery in India and two Chinese banks accused of helping Moscow skirt sanctions.The EU will
Measures are also being introduced to prevent the defunct Nord Stream 1 and 2 gas pipelines in the Baltic Sea from being brought back
developed a certain immunity to sanctions
