Other measures to include tightening restrictions on ‘shadow fleet’, banks and Nord Stream investment

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The EU executive is to propose lowering the price cap on Russian oil as it seeks to tighten energy and financial sanctions targeting the Kremlin’s ability to wage war.

The president of the European Commission, Ursula von der Leyen, is expected to put forward a plan on Tuesday to reduce the price at which Russian oil can be sold from $60 (£44) a barrel to $45, according to an internal document.