EU and UK lower price cap on Russian oil in bid to curb Kremlin’s war on Ukraine

News Snapshot:

The EU and the UK have agreed to lower the price cap on Russian oil in a move to further clamp down on the Kremlin’s ability to wage war on Ukraine. The EU has agreed to lower the cap on seaborne oil exports to $47.60 from $60 a barrel as part of what its foreign policy chief, Kaja Kallas, called “one of [the] strongest sanctions packages against Russia to date”. The package includes restrictions on Russian pipelines and banks, as well as tech exports to the country. Kallas said: “We are putting more pressure on Russia’s military industry, Chinese banks...