The Council of the EU officially approved the maximum prices for petroleum products from Russia

The Council of the European Union has officially approved price limits for petroleum products exported or originating from the Russian Federation.

This is stated in the message of the Council of the EU.

The marginal price of Russian oil products with a discount (for example, fuel oil) will be $45 per barrel, and for premium products (for example, diesel fuel) — $100.

These are the maximum prices at which oil products from the Russian Federation can be transported by sea to third countries. They will come into effect on February 5, 2023. A transition period of 55 days is provided for vessels with Russian petroleum products that were purchased and loaded before February 5 and unloaded before April 1.

In addition, the EU Council will review the ceiling prices for crude oil from mid-March. This review will take place on a regular basis every two months. Currently, the price limit is $60, which is significantly higher than the real value of Russian Urals oil.