The G7 and the European Union agreed on the introduction of two price limits for Russian oil products

Author:
Oleksiy Yarmolenko
Date:

The G7 countries and the European Union agreed on the introduction of two price limits for Russian oil products. Earlier, they introduced a price limit on Russian oil.

The press service of the Ministry of Finance of the USA writes about it.

On Friday, January 20, US Deputy Treasury Secretary Wally Adeyemo held an online meeting with the deputy finance ministers of countries that have imposed restrictions on the price of Russian oil sent by sea tankers. They discussed the progress made and determined the next steps to complete the policy of limiting the prices of Russian oil products.

The participants of the meeting agreed with the approach regarding oil products from the Russian Federation, which involves the introduction of two cap prices.

One price limit is for petroleum products that are usually sold at a premium to the price of crude oil, such as diesel or gasoline, and the second price limit is for products that are sold at a discount to the price of crude oil, such as fuel oil.

The deputy ministers also agreed to revise the maximum price for Russian oil in March.

"This will allow the coalition to take into account changes in the world markets after the introduction of the limit prices for petroleum products, as well as to get acquainted with the results of the EUʼs technical examination on the limit price for oil," the US Ministry of Finance said in a statement.

In the European Union, the embargo on Russian oil products will start on February 5.

  • In Russia, the budget deficit for 2022 has become one of the largest in history. It reached 3.3 trillion rubles ($47 billion). And oil supplies from Russia in December fell to the lowest level for the entire year 2022. This was caused by EU sanctions on the import of Russian oil and the introduction of a price limit.