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EU Confident For 5 Dec Oil Cap Start

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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.
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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.