Today’s news / Denmark and others call for lower Russian oil price cap
Several countries want to hit one of Russia's and Putin's main sources of income harder. (Archive photo). Photo: Sputnik/Reuters

Denmark and others call for lower Russian oil price cap

Denmark, along with five other EU countries, has urged the European Commission to lower the price cap on Russian oil. Currently, the price cap is set at $60 per barrel for crude oil. The prices have remained unchanged since December 2022 and February 2023, despite a belief that lowering the price cap would further impact Russia’s primary income source from oil exports. The letter also highlights that achieving lasting peace in the EU involves continued support for Ukraine and efforts to limit Russia. The United States implemented new sanctions targeting the Russian oil and gas industry, aimed at traders, insurers, and a ‘shadow fleet’ of 183 vessels skirting oil sanctions, which has been pivotal in Russia’s evasion efforts. The shadow fleet operates with opaque ownership or lacks proper insurance, facilitating ongoing oil transport. These US sanctions are expected to increase the cost and complexity of Russia’s oil sales.