EU oil sanctions against Russia take effect
Today, December 5, EU oil sanctions against Russia came into effect.
This is reported by Censor.NET with reference to a message on the website of the European Council.
"The price cap level was established in close cooperation with the Price Cap Coalition and will be applied from December 5, 2022," the message said.
The limit price for oil and oil products and oils originating in or exported from Russia is set at USD 60 per barrel. It will be reviewed every two months to respond to the development of the market situation and will be set at a level 5% lower than the average market price for Russian oil and oil products, calculated based on data from the International Energy Agency.
The cap on the price of Russian oil would allow for a cap on price fluctuations based on extraordinary market conditions and would sharply reduce Russia's oil trade revenues after it went to war against Ukraine. Such a price cap is also intended to stabilize global energy prices and mitigate negative consequences for energy supplies to third countries.
