The EU will implement a dynamic price cap on Russian oil, starting September 3rd, setting the maximum price 15% below the average global market price over the previous three months. This replaces the fixed $60 per barrel limit. The UK supports this move, aiming to reduce Russia's war funding. Russia's oil and gas revenue has already fallen 30% year-on-year in July. This revised cap is a key part of Western efforts to pressure Russia economically without significantly impacting global energy supplies.

Prepared by Christopher Adams and reviewed by editorial team.