EU eyes $100/barrel cap on Russian premium oil products, $45 on discounted

27/1/2023 7:29

        The European Commission is proposing that the EU set a $100 per barrel price cap on premium Russian oil products like diesel and a $45 per barrel cap on
        discounted products like fuel oil, European Union officials said on Thursday.
        
        The proposal was sent on Thursday to EU governments, whose representatives will discuss it at a meeting on Friday afternoon, with a view to a deal before the price cap on imported Russian oil products is to come into force on Feb 5th, in line with an agreement by G7 countries.
        
        The price cap on Russian oil products follows a $60 per barrel cap imposed on Russian crude on Dec. 5th as G7 countries and the 27-nation EU as a whole seek to limit Russia's revenue from its oil exports without disrupting world supply.
        
        The price caps imposed by the G7 -- the United States, Canada, Japan, Britain, Italy, France and Germany -- and the EU are to curb Moscow's ability to finance its war in Ukraine.