The EU explained the principles of introducing a price ceiling for Russian oil

BRUSSELS, 6 Oct – PRIME. The European Union, when deciding whether to introduce a ceiling on oil prices, will take into account the effectiveness of such a step, international accession to the price ceiling and its impact on the union as a whole and its members, according to a document published in the Official Journal of the EU.

“When deciding whether to impose a ceiling on oil prices, the Council of the EU will take into account the effectiveness of this measure in relation to the desired results, international participation in the mechanism … as well as its potential consequences for the EU and member states,” the statement reads. document.

The EU on Thursday introduced the eighth package of anti-Russian sanctions, which includes both new economic restrictions and expanded lists of personal sanctions. Among the economic sanctions is the introduction of a legislative framework for determining the price ceiling for sea transportation of Russian oil to third countries. It is planned that the price limit will be introduced on December 5 for oil and on February 5, 2023 for oil products.

The media also reported that the European Union does not plan to independently set a price ceiling for Russian oil, it will use the level that the G7 countries will preliminarily agree on. At the same time, as the sources explained, the procedure for the adoption of a decision by the EU on the oil price ceiling assumes that “each time, to fix the price ceiling (in the EU), a mandate from the EU Council (unanimous approval of the decision by all countries of the union) will be required … that is, this means that any EU state can use a veto to set new price ceilings for Russian oil.”