EU lowers price cap for Russian crude under new sanctions package

Interestingly, EU policymakers on Friday signaled that the price at which non-G7 countries could purchase Russian crude and access G7 logistics services has been lowered (something worth watching). "We're striking at the heart of Russia's war machine

Targeting its banking, energy and military-industrial sectors and including a new dynamic oil price cap," EU Commission President Ursula von der Leyen said

Aerial view of a ship at sea, amid market uncertainty

Suriyapong Thongsawang | Moment | Getty ImagesThe European Union has reached an agreement on a new sanctions package against Russia, which includes a lower price cap for Moscow's crude oil barrels

Moreover, The measures aimed to limit Russia's oil revenues — the backbone of its economy and war coffers — while retaining the country's supplies in the market to avoid a major shortage (remarkable data)

On the other hand, Formerly a staple of European refiners' intake, Russian crude now primarily heads to buyers in China and India, in today's financial world

Nevertheless, Russia's crude duction averaged 9 (which is quite significant). 19 million barrels per day in June, according to the International Energy Agency's July report

Market analysis shows price cap measures have also shifted the transport of some of Russia's volumes to a so-called shadow fleet of off-radar tankers and shell companies, in today's financial world

EU policymakers on Friday signaled the Russian oil price threshold would be lowered as part of a newly agreed sanctions package

In contrast, "I welcome the agreement on our 18th sanctions package against Russia

We're striking at the heart of Russia's war machine (noteworthy indeed), given the current landscape

Targeting its banking, energy and military-industrial sectors and including a new dynamic oil price cap," EU Commission President Ursula von der Leyen said on social media, given current economic conditions

The EU's top diplomat Kaja Kallas concurred that a "lower oil price cap" was part of the freshly agreed measures, also noting that the bloc had, for the first time, sanctioned Russian oil ducer Rosneft's largest refinery in India, given current economic conditions

Neither official explicitly named the level of the new price cap, in today's financial world

CNBC has also ed Russia's Ministry of Foreign Affairs and Ministry of Energy for

The price cap amendment is part of a broader European push to further pressure Russia to cease hostilities in Ukraine, in today's financial world

On the other hand, President Donald Trump initially took a more conciliatory tone toward the Kremlin than his predecessor Joe Biden after taking office in January, but has shown signs of diminishing patience in the face of stalled negotiations to broker a ceasefire

Senator Lindsey Graham has recently hinted at the possibility of U

Nevertheless, Measures against countries that buy Russian oil, in an attempt to "give President Trump a congressional sledgehammer — if needed — to end this bloodbath (quite telling). "Buyers such as India have previously def their right to purchase discounted Russian oil, citing the national interest to secure the most affordable energy resources (noteworthy indeed), in light of current trends

However, Oil have been rocked by supply stability concerns in recent months, as escalating tensions between Israel and Tehran raised the specter of flow disruptions in both Iran and the broader oil-rich Middle East, given current economic conditions

Moreover, — CNBC's Silvia Amaro contributed to this report, amid market uncertainty.