Russian oil, European Commission: no revision of the price ceiling

The European Commission has informed the countries of the European Union that the price ceiling of 60 dollars for oil from Russia will not be revised for the time being. The European Commission also indicated to European diplomats that there is currently no desire among G7 countries to lower the price ceiling, Bloomberg reported, citing informed sources. Western oil sanctions on Russia came into effect on December 5, 2022: The European Union stopped accepting Russian oil transported by sea, while the G7 countries, Australia and the EU imposed a maximum price cap of $60 per barrel for maritime transport. Russia has responded by banning deliveries of oil to foreign parties as of 1 February, if the contracts directly or indirectly involve a price cap mechanism. On 3 December 2022, the Council adopted Decision (CFSP) 2022/2369, which set the price ceiling for crude oil at USD 60 per barrel.