New Zealand will also lower the price ceiling for Russian crude oil

New Zealand will also lower the price ceiling for Russian crude oil from $60 to $47.6 per barrel.

This is stated on the countryʼs government website.

In addition, the country imposed sanctions against 19 companies and people, including those involved in chemical weapons and disinformation.

The restrictions also include 19 vessels from the Russian shadow fleet. The sanctions also apply to Russian military intelligence, the GRU unit 29155, which is involved in cyberattacks against Ukraine.

This is New Zealandʼs 32nd package of sanctions against Russia.

What preceded

Russiaʼs energy revenues account for approximately 30% of all federal revenues that finance the war.

In 2022, the G7, as well as Australia and the EU, capped the price of Russian oil at $60 per barrel. This decision prohibits G7 companies from transporting, insuring or servicing Russian oil if it is sold at a price higher than this price.

In the 18th package of sanctions, adopted on July 18, the EU reduced it to $47.6. Earlier, Ukraine proposed to halve the price of Russian oil. The UK, Japan, Norway and Canada also joined the EU initiative.

At the same time, price limits for other petroleum products remain unchanged: $100 per barrel for expensive products such as diesel and gasoline, and $45 for cheaper ones, such as fuel oil.

Russia formed a shadow fleet back in 2022 to circumvent restrictions. Sanctions are regularly imposed against it.

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