Bloomberg: The EU will not change the price limit for Russian oil

Oleksiy Yarmolenko

The European Union (EU) does not plan to change the price limit for Russian oil during the review. It will remain at the level of $60 per barrel.

Bloomberg writes about this with reference to its own sources.

The European Commission sent member countries information that such a price limit effectively limits the Kremlinʼs income and does not affect the global oil market. Therefore, they will not revise the price yet.

They also stated that most of the "Big Seven" countries are not ready to lower the price limit either.

This assessment was based on the report of the International Energy Agency. They said that the price limit achieved its goals of reducing Russiaʼs income and did not cause a sharp rise in oil prices in the world.

  • On February 4, the Council of the European Union officially approved price restrictions on oil products exported or originating from the Russian Federation. The marginal price of discounted Russian petroleum products (such as fuel oil) is currently $45 per barrel, and $100 for premium products such as diesel. These are the maximum prices at which oil products from the Russian Federation can be transported by sea to third countries. They came into effect on February 5, 2023.
  • On October 6, 2022, the European Union approved the eighth package of sanctions against Russia. It contains a ban on the import of Russian products worth €7 billion and a cap on oil prices.