The governments of the European Union reached an agreement this Friday for set limits on the price of Russian diesel and other petroleum products sold from the bloc to third countries, in line with retaliation against the Kremlin agreed by the G-7 over the war in Ukraine.
Specifically, the ambassadors of the Twenty-seven agreed set a maximum price of $100 per barrel for diesel and $45 for other petroleum productsseveral diplomatic sources reported.
the limit does not affect community blog purchaseswhich as of this Sunday bans all imports from Russia of petroleum products, but yes prevents European operators from transporting and insuring these products if they have been sold at a price higher than the set limit.
“We must continue denying Russia the means to finance its war against Ukraine. The EU’s veto on the import of petroleum products comes into force on Sunday. With the G-7 we are putting limits on the price of these products, cutting Russia’s income at the same time as we ensure stable global energy markets”, highlighted on Twitter the president of the European Commission, Ursula von der Leyen.
The global limit on the price of petroleum products remained pending negotiation when the G-7 powers managed in December to set a limit of $60 per barrel of crude oil and the global forum set February 5 as the deadline to push through this second part of the measure.
With today’s agreement, in addition to the veto on imports of petroleum products, the EU will apply from this Monday the limit to exports to third countriesalthough the pact includes a period of 55 day transition for purchases that were made effective before that date.
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On the other hand, the countries of the European Union also decided not to modify the mentioned limit on crude oil because, according to the same sources, “it is clear that it is having the desired effect”, that is, it is being effective in cutting Russia’s revenue through its oil exports.
Along these lines, the Twenty-seven agreed study this issue again in March to elucidate if at that time a modification of the limit established on Russian crude oil is justified.