Bota

EU countries agree on the price limit of Russian oil, how much will be traded

EU countries agree on the price limit of Russian oil, how much will be traded

EU countries have agreed to a European Commission proposal to set price limits for Russian refined oil products, the Swedish presidency of the European Union said.

EU diplomats said the price caps agreed by ambassadors for the 27 EU countries were $100 a barrel for products that trade at a premium to crude, such as oil, and $45 a barrel for products that are traded at a discount, such as oil.

Poland and the Baltic states of Latvia, Lithuania and Estonia had asked for the limits to be set lower to curb Russia's fuel revenues, diplomats said, delaying talks for days.

The price cap, along with an EU ban on imports of Russian oil products, are part of a wider agreement among the Group of Seven (G7) countries. It follows a $60-a-barrel cap on Russian crude oil imposed on December 5 as G7 nations, the EU and Australia seek to limit Moscow's ability to finance its war in Ukraine.

Latest news