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EU's new Russia sanctions cuts oil price cap, adds series of energy restrictions

( July 18, 2025, 13:07 GMT | Official Statement) -- MLex Summary: Russia will face a crude oil price cap of $47.60 per barrel, down from $60, under the EU’s 18th sanctions package adopted today. The package strengthens restrictions on Russia’s oil shadow fleet by targeting 105 additional vessels, along with both Russian and international companies managing the fleet. Imports of Russian refined petroleum products via third countries are also banned, with limited exceptions. Russia’s Nord Stream 1 and 2 gas pipelines to Europe will be sanctioned through a transaction ban.Full press release follows:...

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