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The European Union agreed on a new sanctions package against Russia, including a lower price cap on its crude oil. The previous cap, set at $60 per barrel, aimed to limit Russia's oil revenue without disrupting global supply. The new cap, reportedly around $47 per barrel, reflects current market prices and aims to further pressure Russia to end the war in Ukraine. The EU also sanctioned Rosneft's largest refinery in India for the first time. The move is part of broader efforts by the EU and some US officials to pressure Russia, though some countries like India continue to purchase discounted Russian oil.

Prepared by Christopher Adams and reviewed by editorial team.