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EU expects to be ready for Russia oil price cap Dec 5 start, EU energy policy chief says – Reuters

byYuri Zoria
19/11/2022
1 minute read
EU expects to be ready for Russia oil price cap Dec 5 start, EU energy policy chief says – Reuters

The European Union expects to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude oil on 5 December, EU energy commissioner Kadri Simson told Reuters.

“The EU will ban Russian crude imports from that date, and Russian oil products from 5 February, depriving Russia of oil revenues and forcing one of the world’s top oil producers and exporters to seek alternative markets. In addition, a G7 plan, intended as an add-on to the EU embargo, will allow shipping services providers to help to export Russian oil, but only at enforced low prices. This is also set to take effect on 5 December,” Reuters reported.

Read also:

European Council sanctions vessels transporting Russian oil at price above price cap

EU’s 8th Russia sanctions package has oil price cap, falls beneath Kyiv’s expectations

EU likely to sanction Russia’s chemical, machinery, steel products in 8th sanction package, no oil price cap yet – media

EU’s von der Leyen backs price cap on Russian pipeline gas – Reuters

 

 

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