Why the EU wants to end the price cap on Russian oil and move to the next stage
Why the EU wants to end the price cap on Russian oil and move to the next stage
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The European Commission has proposed a complete ban on maritime services for tankers carrying Russian oil, aiming to increase pressure on Russia's oil revenues amid ongoing sanctions. This move follows the diminishing impact of the existing price cap on Russian crude and aims to close loopholes that allowed some tankers to receive services. The proposal reflects a shift in European strategy as the war in Ukraine continues, with officials believing that a full ban will significantly hinder Russia's oil sector.
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