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.
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