EU agrees on the level of price caps for Russian petroleum products — Council of the EU

The Council decided today to set two price caps for petroleum products which originate in or are exported from Russia. 

The first price cap for petroleum products traded at a discount to crude oil is set at USD 45 per barrel.

The second price cap for petroleum products traded at a premium to crude is set at USD 100 per barrel.

Price caps will become applicable as of 5 February 2023.

 A transitional period of 55 days is foreseen for those vessels carrying Russian petroleum products, which were purchased and loaded onto the vessel prior to 5 February 2023 and unloaded prior to 1 April 2023.

The Council will revert to review the price cap mechanism for crude oil as of mid-March, and the review will occur regularly every two months.

Фото: AP