EU names probable date when price restrictions on Russian oil are introduced

This is reported by Reuters.

In the coming days, the US plans to publish instructions on setting a price ceiling for Russian oil. They are also ready for certain delays in their implementation.

“The aim is of course to have finalized an agreement with the G7 before the 5th Dec,” the European Commissioner for Energy, Kadri Simson, said. 

The publication also notes that starting from December 5, the EU will stop buying oil from the Russian Federation. Later, on February 5, 2023, this ban will also affect Russian oil products. It is emphasized that this will deprive Russia of oil revenues and force it to look for alternative markets.

In addition, from December 5, transport service providers will be able to help export Russian oil, but only at forced low prices.

“Our sanctions will cover crude for EU member states so we will not buy Russian crude oil starting from December 5 and we covered the possible oil price gap for international buyers with our eighth package of sanctions,” Simson said.