The cubic perovskite SrVO 3 is generally considered to be a prototype strongly correlated metal with a characteristic three-peak structure of the d-electron spectral function, featuring a renormalized quasiparticle band in between pronounced Hubbard sidebands. Here we show that this interpretation, which has been supported by numerous "ab initio" simulations, has to be reconsidered. Using a fully self-consistent GW + extended dynamical mean-field theory calculation we find that the screening from nonlocal Coulomb interactions substantially reduces the effective local Coulomb repulsion, and at the same time leads to strong plasmonic effects. The resulting effective local interactions are too weak to produce pronounced Hubbard bands in the local spectral function, while prominent plasmon satellites appear at energies which agree with those of the experimentally observed sidebands. Our results demonstrate the important role of nonlocal interactions and dynamical screening in determining the effective interaction strength of correlated compounds. DOI: 10.1103/PhysRevB.94.201106 SrVO 3 has been considered a prototype strongly correlated metal ever since photoemission and inverse photoemission experiments 20 years ago [1] showed features at energies well outside the renormalized quasiparticle band. These satellites have been explained as Hubbard bands, because they appear in combined density functional + dynamical mean-field theory (LDA+DMFT) [2] simulations when the local Coulomb repulsion is chosen such that the experimentally observed mass renormalization is reproduced (see, e.g., Refs. [3][4][5]). Comparable values for the "Hubbard U " on the order of 5 eV were obtained by constrained local density approximation (LDA) [6,7] and used in DMFT calculations with static local interactions. The constrained random phase approximation (cRPA) [8] provides a systematic way of computing the dynamically screened interaction parameters consistent with the LDA band structure, and the resulting local U (ω) of the DMFT auxiliary system can be efficiently handled by state-of-the-art impurity solvers [9]. These more realistic calculations, however, produce a too strong renormalization of the quasiparticle band [10]. The missing ingredients in the LDA+DMFT + U (ω) approach are the nonlocal self-energy and polarization effects, and the additional screening of the U (ω) resulting from nonlocal Coulomb interactions within the low-energy subspace.A promising scheme, which can treat all these effects in a consistent manner, is the combination of the GW ab initio method [11] and extended DMFT (EDMFT) [12,13]. While this GW + EDMFT formalism has been tested on simple one-band Hubbard models [14][15][16][17], and several simplified versions have been applied to SrVO 3 [7,10,18,19], a fully self-consistent implementation in an ab initio setting has so far been hampered by the challenges of solving the bosonic selfconsistency loop for multiorbital systems and nontrivial issues related to a proper embedding of the EDMFT calculations into a ...