EU countries agree to additional price caps on refined Russian oil products – National | 24CA News
EU nations agreed on Friday on a European Commission proposal to set value caps on Russian refined oil merchandise, the Swedish presidency of the European Union mentioned.
EU diplomats mentioned the value caps agreed by ambassadors for the 27 EU nations are $100 per barrel on merchandise that commerce at a premium to crude, resembling diesel, and $45 per barrel for merchandise that commerce at a reduction, resembling gasoline oil. The proposal is that they apply from Sunday.
Poland and Baltic states Latvia, Lithuania and Estonia had pushed for the caps to be set at decrease ranges to curb Russia’s revenues from gasoline, diplomats had mentioned, dragging on talks for days.
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The value caps, along with an EU ban on Russian oil product imports, are a part of a broader settlement among the many Group of Seven (G7) nations. It follows a $60 per barrel cap imposed on Russian crude on Dec. 5 as G7 nations, the EU and Australia search to restrict Moscow’s capability to fund its conflict in Ukraine.
Both caps work by prohibiting Western insurance coverage and delivery firms from insuring or carrying cargoes of Russian crude and oil merchandise until they have been purchased at or under the set value cap.
(Reporting by Philip Blenkinsop, Jan Strupczewski and Sudip Kar-Gupta; modifying by Foo Yun Chee and Susan Fenton)
