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EU May Tighten Russian Price Cap in 12th Sanction Package

OIL

The European Union is planning to propose a 12th package of sanctions to the member states in the near future, which will include actions to tighten the oil price cap, President of the EC, Ursula von der Leyen, said, cited by European Interest.

  • “The sanctions package will include new import and export bans, and it includes actions to tighten the oil price cap. Finally, we will further crack down on sanctions circumvention. In all these topics, we are very closely coordinating with our G7 partners,” von der Leyen said.
  • Russian Urals crude prices have been trading well above the $60/bbl in recent month. In September, Urals average $83.08/bbl, the Russian Energy Ministry said.
  • Russia has managed to move most of its exports by domestic or non-Western tonnage allowing it to circumvent the cap leading many to question its purpose.
Energy BulletsCommodities
Energy BulletsCommodities

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