The EU removed price restrictions on some russian oil products
8.02.2023 - 10:50
The European Union removed some russian oil products from under the “price ceiling” on Tuesday, February 7.
The EU countries have decided to exclude from the effect of price restrictions oil products that are made from russian raw materials, but by foreign companies abroad.
This was announced on the official website of the European Commission on February 7.
The EU will also lift the embargo on products obtained by mixing foreign and russian oil products. According to the European Commission’s explanation, if petroleum products from the russian Federation are processed in a third country by mixing with foreign ones, they are no longer considered russian, so the maximum price is not applied to them.
We will remind, since February 5, the sanctions regarding the import of russian oil products to the EU began to take effect. It is, in particular, about petrol, gas, diesel, fuel oil and oil.
Also, on February 5, the mechanism for determining the limit prices for sea transportation of russian oil to third countries came into force. A limit price of $45 per barrel was set for petroleum products traded at a discount to crude oil. The $100 per barrel price refers to highly refined petroleum products that trade at a premium to crude oil.
