Economy 2024-04-15T05:09:07+03:00
Ukrainian news
EU Sanctions Against Russian Oil Come Into Force

EU Sanctions Against Russian Oil Come Into Force

Russian oil, import of Russian oil, Russian oil price, price cap for Russian oil

On December 5, the decision of the EU Council on the price cap for Russian oil and the prohibition of maritime transportation of Russian oil to third countries came into force.

It is reported by European Pravda.

The maximum price for oil and petroleum products and lubricants originating in or exported from Russia is set at USD 60 per barrel.

The decision also provides for a ban on transportation-related provision of technical assistance, brokerage services or financing or financial assistance.

Since the marginal price can be reviewed periodically to adapt to the market situation, the decision also sets a transition period of 90 days after each change in the marginal price to ensure consistent application of the marginal price by all operators.

The operation of the marginal price mechanism will be reviewed every two months in order to respond to the development of the market situation, and will be set at the level of at least 5% lower than the average market price for Russian oil and oil products, calculated on the basis of data from the International Energy Agency.

The Group of Seven, as well as Australia, also imposed a limit on the price of oil supplied by sea transport from the Russian Federation at the level of USD 60 per barrel.

It should be noted that from February 5, 2023, the ban on marine transportation of Russian oil products will come into force.

As Ukrainian News Agency earlier reported, G7 ambassadors told how they will continue to help Ukraine.

President Volodymyr Zelenskyy considers the price of Russian oil at USD 30 per barrel more reasonable. Zelenskyy also considers the EU decision to limit the price of Russian oil to USD 60 per barrel weak and comfortable for Russia.