WSJ: EU to approve Russian oil price ceiling in two stages

MOSCOW, 4 Oct — PRIME. The European Union is likely to approve the proposed G7 ceiling on Russian oil prices in two stages, the Wall Street Journal reports, citing diplomats and officials.

According to them, the EU countries are close to agreeing on a two-stage approach to the price ceiling for Russian oil. Diplomats and officials said country officials are preparing the bill needed to implement the measure, but will likely delay approval until all G7 countries are ready.

In early September, the finance ministers of the G7 countries confirmed their intention to introduce price restrictions on Russian oil. It is planned that the price limit will be introduced on December 5 for oil and on February 5, 2023 for petroleum products. Russian representatives warned in response that the countries that would apply the limits would be left without Russian oil exports.

At the same time, earlier on Tuesday, Assistant Secretary of the Treasury for Economic Policy Ben Harris said that the new G7 sanctions against the Russian Federation, affecting oil and oil products, would be introduced in three stages. In particular, he noted that the sanctions, which will target Russian oil, should come into force on December 5. At the same time, Harris said that the decision on the price as part of the introduction of restrictions on the cost of oil from the Russian Federation has not yet been made in the context of the new sanctions of the G7 countries, but the ceiling will be quite high.