The ban on the import of Russian oil to the EU came into force
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The ban on the supply of Russian oil by sea to the EU countries came into force. Along with it, a price ceiling for Russian energy resources was introduced at the level of $60 per barrel.
The restrictions were approved by the countries of the “big seven” (G7, includes the UK, Germany, Italy, Canada, USA, France and Japan), as well as the countries of the European Union and Australia. The size of the marginal price was agreed upon within a week. As a result, the EU countries managed to agree only on December 3.
Initially it was assumed that the ceiling would be set at $60 per barrel, but Greece and Malta proposed to increase it to $70 per barrel. However, the Baltic States and Poland considered such a restriction too “generous”. In particular, in Warsaw it was proposed to set the price ceiling at $30 per barrel.
After that in the Kremlin refused accept the introduction of a ceiling on Russian oil. According to the press secretary of the President of Russia Dmitry Peskov, “preparations have already been made” for this decision.
In March, the US and the UK imposed a total embargo on fuel from Russia. The EU sanctions will come into force on December 5 for offshore oil supplies, and on February 5, 2023 for oil products.
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