Sweden pushes EU initiative on oil price cap

“We are constantly working to stem the flow to the Russian treasury. A third of its income comes from energy exports. Sweden is pushing to lower the oil price cap, which would severely impact Russia’s war chest,” says Minister for Foreign Affairs Maria Malmer Stenergard.

It is estimated that lowering the oil price cap of USD 10 per barrel, from the current USD 60 per barrel, could reduce the Russian treasury’s income by over SEK 200 billion per annum. That would equate to some 15 per cent of Russia’s military budget this year.