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EU and UK lower oil price cap as latest sanctions on Russia targets tankers, refinery and flag

  • The EU’s 18th package of sanctions has been passed, taking the total list of designated vessels to 447
  • EU states have agreed a new ‘dynamic’ oil price cap, kicking in at $47.6 a barrel with regular reviews
  • A flag register has been targeted in the sanctions for the first time, along with Chinese banks enabling sanctions evasion

Following weeks of political bargaining and blockers, the EU’s latest sanctions package has been agreed, lowering the oil price cap, but potentially fragmenting the sanctions approach further as the bloc moves further away from the unified G7 approach

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