The European Commission will seek support for restrictions on the price of Russian oil from all EU countries

The ceiling on oil prices introduced by the G7 countries should be introduced throughout the European Union. European Commissioner for Economics Paolo Gentiloni said that the European Commission will seek support for this decision from all countries of the union.

“Today, in the afternoon, I participated in a meeting of the finance ministers of the G7 countries to agree on a price limit for the export of Russian oil by sea. The G7 will now work to build a broad global coalition to finalize the design and level of the price cap, and to jointly implement it to maximize its effectiveness. The Commission will play its full role in working to achieve unanimity among our 27 member states for the introduction of this measure in the EU,” said Mr. Gentiloni (quote from the website European Commission).

He also said that it would be necessary to do this in accordance with the deadlines agreed under the sixth package of EU sanctions – there is December 5, 2022 for crude oil and February 5, 2023 for petroleum products.

Restrictive measures for the entire European Union will be introduced only if there is a unanimous decision on this issue by all participating countries. Let us note that the European Union will impose an embargo on Russian oil from December anyway. An exception will be the fuel obtained through the Druzhba pipeline. Under it, in particular, Hungary receives oil, which opposed the embargo and continues to buy oil products from Russia.

G7 Finance Ministers (Great Britain, Germany, Italy, Canada, France, Japan and the USA) agreed limiting the price of oil from Russia today, September 2. Deputy Prime Minister of Russia Alexander Novak warnedthat Russia will not supply oil and oil products to countries that support the establishment of a price ceiling.

Julia Abugalieva