The EU and G7 countries agreed to limit the prices of Russian oil products

Sofiia Telishevska

The European Union and the G7 countries have agreed on a price ceiling for the transportation of Russian oil products.

This was reported by the President of the European Commission, Ursula von der Leyen.

"We must continue to deprive Russia of the means to wage war against Ukraine," she said.

The EU ban on the import of Russian oil products, which will come into effect on February 5, will reduce Russiaʼs revenues and at the same time ensure the stability of global energy markets.

"The EU ambassadors today approved the price limits for oil products before the final approval by the Council of the EU. The agreement is important as part of the further response of the EU and its partners to Russiaʼs aggressive war against Ukraine," said the message of the head of the EU.

According to Rikard Jozvyak, the European editor of Radio Svoboda, the price limit for diesel fuel will be $100, for petroleum oils — $45.

In addition, there is a written commitment to review the marginal cost of crude oil in March. Currently, it is $60, which is significantly higher than the real value of Russian Urals oil, which has now fallen to $45 per barrel.

The oil price ceiling will come into effect on February 5, along with the oil embargo.