Saturday, July 19

The European Union has announced the arrival of a massive new sanctions bill that is set to greatly impact the Russian economy.

The agreement approved yet another round of sanctions targeting Russia, further pressuring them to end their war against Ukraine. The war began back in February 2022 and has not let up since then, with various countries around the world urging Russia to put an end to the conflict.

One of the most efficient ways to put pressure on a country is through the financial sector, especially during a time of war. Due to Russia's tightening finances from other sanctions and increasing expenditures on military and arms, they have become even more dependent on their booming oil and gas industry.

Prior to the war, numerous European countries were heavily reliant on Russian oil to provide crucial services like heating and electricity, but those numbers have slowly decreased as the EU as a whole attempts to move away from Russian products.

Now, in the latest move against Russia's economy, the EU and UK have lowered the price cap for Russian oil, bringing it down from $60 per barrel to $47.60 per barrel. This prohibits any country within the European Union from purchasing Russian oil if it is priced over $47.60, substantially lowering Russia's net profits. The new limit will take effect on September 3, and it could have a serious impact on Russia's finances.

In addition to the price cap shift, the agreement also cuts back on the usage of Russian pipelines and avoids Russian banks, further damaging their economy, and technology-related exports to Russia will also take a hit.

Fact of the Day (The Fact Site): The Bagheera kiplingi spider was discovered in the 1800s and is the only species of spider that has been classified as vegetarian.

Quote of the Day (Gracious Quotes): People don’t buy what you do, they buy why you do it. (Simon Sinek)

Word of the Day (Merriam-Webster): Meritorious (adj, mair-uh-TOR-ee-us) - Meritorious is a formal adjective used to describe something that is deserving of honor, praise, or esteem.

In a Sentence: She was honored for her meritorious service to the city.