09:26 PM
Friday 03 February 2023
Brussels – (dpa):
European Union countries reached an agreement on Friday aimed at forcing Russia to sell its refined oil products, such as diesel fuel, to other countries, at a price below certain limits, the Swedish rotating presidency of the European Council said on Twitter.
The diesel price is capped at $100 per industrial standard barrel containing 159 liters, while cheaper products will be set at $45 a barrel, several European diplomats told dpa.
Recently, Russian diesel exported to Europe has traded between $110 and $130 a barrel.
The maximum price limits, which were approved by the ambassadors of the European Union countries in Brussels, are linked to a previous decision issued by the Group of Seven major countries to impose sanctions on Russian oil exports.
Under the price caps, the provision of sales services to facilitate the export of Russian oil products, such as shipping, insurance or financing, will be prohibited if these products are sold at a price higher than those price caps.
