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EU/G7 Agreed On Russian Oil Products Cap, EU Ban Started

OIL PRODUCTS

The European Council on Saturday decided to set two price caps on petroleum products originating from Russia, which became applicable from 5 Feb as well as the EU’s ban on Russian oil products’ imports, the EC said.

  • The first price cap for discounted products is set at $45/bbl and the second cap for premium products is set at $100/bbl.
  • The EC also decided to include a transitional period of 55 days for vessels carrying Russian oil products that were purchased and loaded before 5 Feb and unloaded before 1 Apr.
  • The Council will also review the price cap mechanism for Russian crude oil exports as of mid-March.

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