World News
EU Lowers Russian Oil Price Cap, Adds Over 100 Ships to Sanctions List
The European Union (EU) has adopted its 18th package of sanctions against Russia, targeting 105 ships alleged to be part of Russia's shadow fleet and stepping up efforts to enforce restrictions on Russian oil exports.
As part of the new measures, the EU has lowered the price cap on Russian crude to $47.6/bbl down from the previous $60/bbl, the European Commission said in a statement on its website on Friday.
"The new system will ensure that the cap is always 15% lower than the average market price for Urals crude in the previous period of six months, resulting in both predictability for operators and downward pressure on Russian energy revenues," it said.
The addition of 105 ships brings the total number of vessels sanctioned by the EU to 444.
In a notable development, the EU also added a refinery based in India to the sanctions list for the first time - Nayara Energy, which is 49% owned by the Russian state oil company Rosneft.
"The EU just approved one of its strongest sanctions packages against Russia to date, Kaja Kallas, High Representative for Foreign Affairs and Security Policy and chair of the Foreign Affairs Council, said.
"Each sanction weakens Russia's ability to wage war."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 516.50 | 3.00 | 692.50 | 3.50 |
| Rotterdam | 506.00 | 1.50 | 713.50 | 14.00 |
| Houston | 501.50 | 0.00 | 732.50 | 10.00 |
| Fujairah | 511.00 | 3.00 | 750.00 | 2.50 |
| Global 20 Ports Average | 550.00 | 0.50 | 775.00 | 1.50 |
| Global 4 Ports Average | 508.50 | 2.00 | 722.00 | 1.50 |
| Global Average Bunker Price | 588.00 | 0.00 | 818.50 | 2.50 |
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