EU reaches agreement on Russian oil price ceiling


European Union (EU) member states reached an agreement on Friday on capping prices for Russian petroleum products. Ahead of international sanctions coming into force over the weekend. the official said

EU diplomats said the level agreed was $100 for more expensive fuels such as diesel and $45 per barrel for lower-quality products such as fuel and heating oil.

Sweden, which holds the rotating presidency of the European Union, called the deal a “An important agreement as part of the EU and its allies’ ongoing response to Russia’s war of aggression against Ukraine.”

The move is the latest part of an international push to limit President Vladimir’s war chest. Russia’s Putin for an attack on Ukraine targeting his vital exports.

in december The European Union has imposed sanctions on Russian crude entering the sea. And together with G7 partners set a cap of $60 per barrel for global exports.

The second EU-wide sanctions on Russian fuel are scheduled to take effect on Sunday. It targets Russian refined oil products such as gasoline, diesel and heating fuels. by arriving on board

meanwhile The European Union and the wealthy democratic bloc G7 have agreed to set a maximum price for Russian shipments to the world market.

Capping prices for those transported products works by setting a ceiling on the cost of fuel that can be carried on EU ships.

The agreed price is in line with the European Commission’s proposal. which is the executive branch of the European Union

It must strike a balance between tough demands from sanctions hawks such as Poland and the Baltic states. with the need to ensure that the West does not completely cut off Russian supplies to the world market. which will cause world prices to skyrocket

EU diplomats have called the agreed price level “well balanced” and have achieved targets of “Reducing Russian revenues while ensuring access for third countries”

– Kremlin warns of ‘imbalanced’ market –

Kremlin condemns EU before sanctions take effect by confirming that “leading to imbalances in international energy markets”

“We are taking measures to shield our interests from the risks involved,” Kremlin spokesman Dmitry Peskov told reporters.

Moscow’s war in Ukraine has raised the alarm of the European Union. which for years has relied on cheap fossil fuels from Russia to power their industries.

Brussels said sanctions on crude had led the bloc to cut Russian imports by about 90 percent after getting an exception for supplies flowing through the pipeline to landlocked countries such as Hungary.

last Thursday European Commission President Ursula von der Leyen estimated during a visit to Kiev that Russia’s highest oil prices cost Moscow about 160 million euros ($175 million) every day.

on friday She said the group was preparing new rounds of sanctions against Russia. This is the 10th measure since the war started last year.

“We have to discourage Russia from continuing its war with Ukraine,” she said, underscoring the European Union’s ban on imports of Russian petroleum products from Sunday.

“With the G7, we are setting the highest prices on these products. Reduce Russian revenues while ensuring stabilization of global energy markets,” she said.


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