Russia’s oil price cap to come into force on December 5, EU

The EU’s oil price cap on Russia will come into effect tomorrow, December 5, after which Russia will not be paid more than $60 a barrel for its petroleum products.

EU foreign affairs chief Josep Borrell made this clear in his social media statement.

He said that the oil purchase price limit for crude oil and petroleum oil from Russia will be implemented from tomorrow.

“This cap, in close coordination with our partners, will significantly reduce Russia’s revenues, stabilize global energy prices and reduce negative energy supply consequences,” added Josep Borrell.

Earlier, the European Council had announced yesterday that European countries would cut crude oil prices to $60 per barrel to curb rising oil prices and punish Russia for its invasion of Ukraine and cuts to its sources of revenue. have agreed to limit to barrels.

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