EU Lowers Russian Oil Cap to $47.60

The European Union lowered the price cap on Russian crude oil to $47.60 from $60 per barrel as it adopted on Friday the 18th sanctions package against Russia, targeting a hundred more ‘shadow fleet’ tankers, energy trade, and traders and banks enabling it.  Following weeks of negotiations and Slovakia holding up the required unanimous approval of the sanctions package, the EU finally agreed on the fresh sanctions after Slovakia lifted its veto. Slovakia had tied dropping its veto with receiving sufficient energy security guarantees…