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EU officials agree on sanctions on Russia, including oil price cap

6 October 2022 09:18 (UTC+04:00)
EU officials agree on sanctions on Russia, including oil price cap

By Trend

EU ambassadors reached an agreement on the eighth package of sanctions on Russia, including a price cap on Russian oil, Trend reports citing TASS.

The package will be finalized on Wednesday, October 5, the sources said.

However, the decision on the actual price or price ranges of the future cap.

Besides, the new package of measures envisages restrictions on Russia’s steel industry and prohibits EU citizens from holding senior posts in state-run Russian enterprises.

Malta, Greece and Cyprus, whose tanker fleets transport most Russian oil, were worried about the impact of the latest round of anti-Russian sanctions on their shipping industries. Therefore, certain concessions were made to them, Politico reported.

Following a meeting of finance ministers from the Group of Seven on September 2 in Berlin, the G7 club agreed to introduce a proposed price cap on Russian oil to limit the country’s revenues from its export. For doing this the G7 member states seek to establish a broad coalition and urge all countries that still seek to import Russian oil and petroleum products to commit to doing so only at prices at or below the price cap. Moscow warned it will suspend supplies of oil and petroleum products to states that decide to join this initiative.

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