EU agrees on price ceiling for Russian oil products


European Union ministers has reached an agreement on the price cap on Russian oil products on Friday, the Swedish Presidency of the Council of the EU announced, adding that the proposed ceiling is now headed for approval to the European Council, Paralel.Az reports citing Teletrader.

"With the G7 we are putting price caps on these products, cutting Russia's revenue while ensuring stable global energy markets," European Commission President Ursula von der Leyen wrote on her Twitter page. "We must continue to deprive Russia of the means to wage war against Ukraine. EU's import ban on Russian petroleum products comes into force on Sunday," she added.

According to Politico, the European Commission proposed a price ceiling of $100 per barrel on products like diesel and $45 on Russian fuel oil exports.