An embargo on russian oil came into force today
5.12.2022 - 11:50
Today, December 5, an embargo on sea supplies of russian oil to EU countries, as well as a price ceiling for russian oil, comes into force.
Oil sanctions from the European Union are aimed at weakening the ability of the russian government to finance the war against Ukraine. Sanctions should damage the russian economy and halt its industrial and economic ability to wage war, manufacture and repair weapons.
From today, the countries of the European Union will not be able to import russian raw oil by sea. A similar ban was introduced by the G7 countries.
The only exception is Bulgaria, which was given time to switch to another system. Also, the ban does not apply to the Druzhba oil pipeline – Hungary, Slovakia and the Czech Republic will temporarily continue to use it.
As a result, by the end of this year, about 90% of russian oil imports will be banned.
Also, since December 5, insurance of sea transportation of russian oil, brokerage services and financing of operations have been prohibited.
In addition, the Council of the European Union decided to set the maximum price for oil and oil products exported by russia at $60 per barrel. It also takes effect today.
