The European Union on Friday agreed an 18th package of sanctions against Russia over its war in Ukraine, including measures aimed at dealing further blows to the Russian oil and energy industry. The EU will set a moving price cap on Russian crude at 15% below its average market price,

The European Union has approved a new package of sanctions on Russia, including restrictions on banking and fuels made from Russian petroleum, and a revised oil price cap – the 18th raft of measures since the country’s full scale invasion of Ukraine.

BRUSSELS (Reuters) -The European Union reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, with a raft of measures aimed at dealing further blows to Russia's oil and energy industry. Its latest sanctions package on Russia will lower the G7's price cap for crude oil to $47.6 per barrel, diplomats told Reuters.