Friday, December 2, 2022

EU formally approves price cap for Russian oil

The European Union formally confirms the decision of introducing the cap for seaborne oil supplies from Russia, the permanent representation of the Czech Republic tweeted on Friday.

"Ambassadors have just reached an agreement on price cap for Russian seaborne oil. Written procedure follows, decision will enter into force on publication in the Official Journal," the permanent representation said.

The written procedure in the EU Council is formal and the approval takes place without any further discussions.

The European Union reached the agreement of introducing the cap for the Russian oil carried by sea as $60 per barrel, Permanent Representative of Poland to the EU Andrzej Sados told reporters earlier today.

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