New EU Sanctions Set Base For Russian Oil Price Cap For Its Shipping By Sea - Commission

The eight EU sanctions package against Russia provides a base for the implementation of the G7's potential oil price cap, the European Commission said on Thursday.

"Today's package marks the beginning of the implementation within the EU of the G7 agreement on Russian oil exports.

While the EU's ban on importing Russian seaborne crude oil fully remains, the price cap, once implemented, would allow European operators to undertake and support the transport of Russian oil to third countries, provided its price remains under a pre-set 'cap," the statement said.

The measure will take effect after December 5 2022 for crude and February 5 2023 for refined petroleum products, after a further decision by the Council, according to the statement.