Norway’s Ministry of Foreign Affairs announced on Friday that the country has joined the European Union (EU) in reducing the price cap on Russian oil as part of coordinated sanctions against Moscow, SİA reports.
According to sources, Norway aligned itself with the group of states that lowered the cap on a barrel of Russian oil from $60 to $47.6. Under the new rules, Norwegian companies will no longer be able to purchase or provide services for seaborne Russian oil and oil products sold above this price.
Oil exports still account for one-third of the Russian government’s revenues. The decline in income, combined with mounting economic pressure, makes it more difficult for Russia to continue what Norway’s Foreign Minister Espen Barth Eide described as its “illegal war in Ukraine.”
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