The European Union is ready to limit prices for Russian oil

On the sidelines of the G20 summit in Bali, the head of the European Commission Ursula von der Leyen stated that the European Union is ready to try to impose price restrictions on Russian oil.

Bloomberg writes about it.

"We have introduced all the necessary tools in the European Union," she noted.

The head of the European Commission added that the price level has not yet been determined, but the restrictions are important in order to empty Russiaʼs military coffers and encourage vulnerable countries to also accept the price level.

• As of today, within the eighth package of EU sanctions, there is a ban on the transportation of oil to third countries at a price above the limit. Britain has synchronized its sanctions with European ones.
• At the beginning of September, the USA announced that the G7 countries would set a price limit for Russian oil by December 5. Countries want to see it at the level of $40-60 per barrel, which will seriously affect Russian revenues. The USA Treasury proposes to limit the price of Russian oil to $60 per barrel.
• On November 4, it became known that the G7 countries and Australia agreed to set a fixed price for Russian oil. Great Britain joined the price cap.