EU reportedly mulls replacing Russian oil price cap with ban on services

• The EU is considering replacing its price cap on Russian oil with a ban on maritime services as part of a new sanctions package over Russia’s war in Ukraine. 
• Under the proposal, European companies would be prohibited from providing services such as insurance and transportation needed to ship Russian oil, regardless of the oil’s price. 

The EU's consideration of replacing the price cap on Russian oil with a ban on maritime services signals a potential escalation in sanctions. This shift emphasizes a commitment to curtail Russia's oil revenues more directly, which could tighten supply and exacerbate existing energy market pressures, impacting crude prices and related currencies. The implications for risk sentiment and energy-dependent economies, particularly in Europe, are significant as they navigate this landscape.