The British Foreign Office announced on the 18th that, in collaboration with the European Union,
it has lowered the so-called “price cap” on Russian crude oil exports.
The UK’s Foreign Office also declared that it would impose sanctions on Russian intelligence agencies. The statement from the Foreign Office stated that by lowering the price cap on Russian crude oil exports from $60 per barrel to $47.6 per barrel, the move will hit the Russian oil industry, devalue the Russian crude oil market, and severely damage Russia’s “key financial source.”
On the same day, the British Foreign Office also announced sanctions against three institutions under the Russian Intelligence Directorate and 18 individuals, stating that these entities have been engaged in cyber attacks for a long time.
The statement from the Foreign Office mentioned that the sanctioned entities have been engaging in malicious cyber activities, including attacks on the UK. For example, one of the entities assisted the Russian military in a missile attack on Mariupol, Ukraine, in 2022 through online reconnaissance methods, which included an attack on the Mariupol theater, resulting in hundreds of civilian casualties.
European Union High Representative for Foreign Affairs and Security Policy, Annalena Baerbock, expressed on social media on the 18th that EU member states had formally approved the 18th round of sanctions against Russia. This includes the EU’s first sanctions against the Russian oil company’s largest refinery in India. Russian officials have stated that the new round of sanctions is “illegal,” and Russia does not rule out the possibility of retaliation against the EU.
The conflict between Russia and Ukraine has drawn multilateral competition.