Today: Saturday, 2 March 2024 year

Estonia, Lithuania and Poland called for lowering the price limit for Russian oil.

Estonia, Lithuania and Poland called for lowering the price limit for Russian oil.

The United States and a number of its allies during the planned revision of the price limit for oil from the Russian Federation want to maintain the “ceiling” of $60 per barrel, Estonia, Lithuania, Poland are in favor of lowering it to $40-50.

The US and allies want to wait until March to revise the ceiling on crude oil prices and keep the limit at $60 for now, as they say the new mechanism is already working to cap prices.

However, the coalition led by Estonia, Lithuania and Poland is pushing for lowering the price cap for crude oil, which they consider too high compared to current market prices… They are pushing for lowering the cap to somewhere between $40 and $50.


In a statement from the three countries, available to the agency, it is said that while the oil price cap “works”, it is necessary to use this mechanism further.


On December 5, 2022, Western oil sanctions came into force: the European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU introduced a price limit for it during sea transportation at $60 per barrel – more expensive it is forbidden to transport and insure oil. Russia, in response, banned from February 1 of this year the supply of oil to foreign persons, if the contracts directly or indirectly provide for the use of the mechanism for fixing the marginal price.