EU ambassadors agree on price cap for Russian oil products

By Beyza Binnur Donmez

ISTANBUL (AA) - EU ambassadors agreed on a price cap Friday for Russian petroleum products, said the Swedish Presidency of the Council of the EU.

"EU ambassadors today approved the price caps on petroleum products ahead of final adoption by the EU Council," it wrote on Twitter. "Important agreement as part of the continued response by EU and partners to the Russian war of aggression against Ukraine.”

The head of the European Commission wrote in a tweet: "With the G7 we are putting price caps on these products, cutting Russia’s revenue while ensuring stable global energy markets," while stressing that the EU must continue to deprive Russia of the means to wage war against Ukraine.

The import ban on Russian petroleum products takes effect Sunday, said Ursula von der Leyen noted.

Last week, the Commission proposed that from Feb. 5 the EU apply a price cap of $100 per barrel on premium Russian oil products such as diesel and a $45 cap per barrel on discounted products such as fuel oil.