UK Lowers Price Ceiling For Russian Crude Oil

London has acceded to the EU decision.

The UK has joined the EU's decision to lower the price ceiling on Russian oil. It will also be lowered from $60 to $47.6 per barrel, according to the country's Finance Ministry.

"The UK and its EU allies are tightening the screws," said the country's Finance Minister Rachel Reeves.

The EU made the same decision earlier. Europe also banned the import of oil products made from Russian crude from any third countries, except Canada, Norway, Switzerland, the UK and the US.

Europe also imposed a complete ban on Nord Stream operations. Restrictions have been imposed on the supply of goods and services to maintain them. This will prevent any completion, operation and any future use of the pipelines, the EU said.

The European sanctions also hit 14 individuals and 41 legal entities.

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