“The maximum price cap on Russian oil products has been agreed with our G7 partners and will further erode Putin’s resources to wage war. By 24 February, exactly one year after the invasion of Ukraine, we aim to implement the 10th package of sanctions“. This was stated by the president of the European Commission, Ursula von der Leyen, after the ok to the price ceilings on Russian oil derivatives.
“We are making Putin pay for his atrocious war. Russia is paying a heavy price, our sanctions are eroding its economy, setting it back a generation,” she added.
The European Union and the G7 have adopted the agreement on the price cap of Russian petroleum products refined and transported by sea to third countries. The agreement, approved yesterday evening by the ambassadors of the Twenty-seven, provides for a threshold of 100 dollars a barrel for high quality refined products, such as diesel, and 45 for low-end products, such as naphtha. The measure will go into effect tomorrow. The cap adds to the one already approved on Russian oil (set at 60 dollars a barrel), in force since December 2022.