London: On Friday, the UK announced lowering the cap on Russian crude oil exports from $60 to $47.60 per barrel, joining the European Union in a coordinated effort to further curb Moscow's ability to fund its war in Ukraine.
According to Nam News Network, the updated cap will take effect at 23:01 BST on Tuesday, September 2, 2025. A 45-day wind-down period has been granted for existing contracts signed under the previous threshold.
The UK's decision aligns with wider Western efforts to maintain economic pressure on the Kremlin's oil sector, a key source of income that finances nearly a third of Russia's federal budget.
The UK has already sanctioned over 250 ships involved in transporting Russian energy and has pledged approximately $3.9 billion per year in military aid to Ukraine, a commitment it says will continue for as long as necessary.