Western coalition sanctions on Russian oil products come into force
On February 5, restrictions from the European Union, G7 and Australia on oil products from Russia came into force. The Western coalition has set two price ceilings for them, depending on the type of product. The EU now bans the import of Russian oil products by sea.
The G7 includes the UK, Germany, Italy, Canada, the US, France and Japan. The group had previously formed a coalition together with the European Union and Australia to limit prices for oil and oil products from the Russian Federation. The oil price ceiling was introduced on 5 December.
The Western coalition just the day before, February 4, agreed introduction of price ceilings at $100 and $45 per barrel for products traded at a premium and a discount to oil, respectively. The ceiling price assumes that companies from countries that have imposed sanctions will be prohibited from providing services for the transportation of Russian oil products to third countries at a cost higher than established. Vessels carrying Russian oil products that were purchased and loaded before this deadline are subject to a transitional period of 55 days.
The European Union agreed to impose an embargo on Russian oil products from February 5 in the summer of 2022. An exception is made for countries that cannot quickly find an alternative to Russian products. In particular, for Bulgaria and Croatia, which buy gas oil from the Russian Federation, and the Czech Republic, which buys diesel fuel.
Russia at the end of 2022 banned sell oil and oil products under contracts that provide for a price ceiling.
How Russia reacted to the introduction of oil sanctions - in the material "Kommersant" "Produce, but verify".
