{"id":272616,"date":"2025-07-18T17:40:22","date_gmt":"2025-07-18T17:40:22","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/272616\/"},"modified":"2025-07-18T17:40:22","modified_gmt":"2025-07-18T17:40:22","slug":"uk-joins-eu-in-lowering-price-cap-for-russian-oil","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/272616\/","title":{"rendered":"UK joins EU in lowering price cap for Russian oil"},"content":{"rendered":"<p>Stock Photo: Getty Images<\/p>\n<p>The United Kingdom announced on Friday 18 July that it is joining the European Union in lowering the price cap on Russian seaborne oil.<\/p>\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-tightens-oil-price-cap-in-blow-to-putins-war-machine\" target=\"_blank\" rel=\"noopener\">a statement<\/a> by the UK government, as reported by European Pravda<\/p>\n<p><strong>Details:<\/strong> Alongside the EU, the UK is reducing the price cap on Russian oil from US$60 to US$47.60 per barrel &#8220;directly hitting Russia\u2019s oil revenues, which have already fallen 35% year-on-year to May&#8221;.<\/p>\n<p>Advertisement:<\/p>\n<p>&#13;<br \/>\n&#13;<\/p>\n<p>&#8220;Together we will continue to apply relentless pressure on Putin, squeezing his critical oil industry and cutting off funding for his illegal war in Ukraine,&#8221; UK Foreign Secretary David Lammy stressed.<\/p>\n<p>The price cap sets the maximum price at which companies from the Group of Seven can ship, insure, or otherwise service Russian seaborne oil.<\/p>\n<p>The government stated that UK businesses have until 2 September to adapt to the reduced price cap.<\/p>\n<p><strong>Background:<\/strong>\u00a0<\/p>\n<ul>&#13;<\/p>\n<li aria-level=\"1\">The European Union has lowered the price cap on Russian oil as part of its 18th package of sanctions, which was finally <a href=\"https:\/\/www.pravda.com.ua\/eng\/news\/2025\/07\/18\/7522388\/\" target=\"_blank\" rel=\"noopener\">approved<\/a> on 18 July. This became possible after <a href=\"https:\/\/www.pravda.com.ua\/eng\/news\/2025\/07\/17\/7522282\/\" target=\"_blank\" rel=\"noopener\">Slovakia<\/a> and Malta withdrew their objections.<\/li>\n<p>&#13;<\/p>\n<li aria-level=\"1\">The package <a href=\"https:\/\/www.pravda.com.ua\/eng\/news\/2025\/07\/18\/7522331\/\" target=\"_blank\" rel=\"noopener\">imposes sanctions<\/a> on 105 vessels from Russia\u2019s shadow fleet, lowers the price cap on Russian oil and targets banks and companies outside Russia that support its war effort.<\/li>\n<p>&#13;\n<\/ul>\n<p><strong>Support Ukrainska Pravda on <\/strong><a href=\"https:\/\/www.patreon.com\/pravdaua\" target=\"_blank\" rel=\"noopener\"><strong>Patreon<\/strong><\/a><strong>!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Stock Photo: Getty Images The United Kingdom announced on Friday 18 July that it is joining the European&hellip;\n","protected":false},"author":2,"featured_media":272617,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,4],"tags":[748,393,2000,4884,1144,2661,332,712,16,15,1764],"class_list":{"0":"post-272616","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"category-united-kingdom","9":"tag-britain","10":"tag-england","11":"tag-eu","12":"tag-great-britain","13":"tag-northern-ireland","14":"tag-oil","15":"tag-russia","16":"tag-scotland","17":"tag-uk","18":"tag-united-kingdom","19":"tag-wales"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114875467291700665","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/272616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=272616"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/272616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/272617"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=272616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=272616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=272616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}