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EU Confident For 5 Dec Oil Cap Start
The EU expects to have its regulation completed in time for the G7/EU introduction of a price cap on Russian crude oil on 5 Dec, the European Commissioner for Energy Kadri Simson told Reuters.
- "Our sanctions will cover crude for EU member states so we will not buy Russian crude oil starting from December 5 and we covered the possible oil price gap for international buyers with our eighth package of sanctions," EU energy commissioner Kadri Simson said.
- “We have been able to negotiate within days. So the overall framework is in place", she added.
- "The aim is of course to have finalised an agreement with the G7 before 5 Dec. I expect you’ll hear something within the next week”, an EU official said.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.