The member states of the European Union reached an agreement at the ambassadorial level on the price ceiling for Russian refined petroleum products on Friday, the Swedish Presidency of the EU announced on Twitter, adding that the agreement still needs to be approved by the Council of the European Union.
The price ceiling will come into effect on Sunday (February 5), said Ursula von der Leyen, President of the European Commission, in her own Twitter message.
“We must deprive Russia of the means by which it can wage war against Ukraine. With the G7, we are establishing a price ceiling for Russian petroleum products, thereby reducing Russia's revenues, while ensuring a stable global energy market," said Ursula von der Leyen.
The price ceiling for diesel is $100 per barrel, while that of cheaper products is $45 per barrel, EU diplomats said.
Russian diesel produced for European export was recently sold for $110-$130 per barrel.
Within the framework of the provision, it is also prohibited to provide services facilitating the export of Russian oil products - transportation, insurance, financing - in the event that the products were sold above the price ceiling.
The price cap was introduced in response to Russia's war in Ukraine.
Source: Magyar Hírlap
Image: AFP
