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EU Leaders Aim Decision On Russian Oil Products Cap On Friday

OIL PRODUCTS

EU countries will aim to finalise the terms on the European Commission’s proposal to set price caps on Russian oil products today, after postponing a decision from Wednesday.

  • The price cap will start on 5 Feb, the same day as the EU ban on Russian oil products imports.
  • The Commission last week proposed a price cap of $100/bbl on premium products like diesel and $45/bbl for products like fuel oil.
  • Poland and the three Baltic States have been pushing for the caps to be set at lower levels.
  • The EU will require unanimous agreement on the terms of the cap, which will then be signed off by the G7 ahead of Sunday.
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