They’re trying to cut Russia off from Europe, which has always been one of its largest export destinations.Senior fellow at the Center for Strategic and International Studies, Ben Cahill. Today marks the start date of increased sanctions on Russian oil. The moves are intended to limit Russia’s income while preventing disruption to global oil supplies and limiting inflation.
Why It Matters: As of today, the European Union has banned "all seaborne imports of Russian oil" and the Group of Seven leading economies – including the U.S. – are imposing a $60-per-barrel price cap on Russian oil sold to other countries. The new sanctions are "the first strong measures to limit Russia's oil profits" since the war in Ukraine began in February, The Associated Press reports.
Russian oil price cap, EU ban aim to limit Kremlin war chest (The Associated Press)
by Jenna Lee,