The EC will not revise the price ceiling for oil from Russia yet.

The European Commission (EC) has told the EU countries that the price ceiling for oil from the Russian Federation at $60 will not be revised yet.

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“The European Commission has told member states that the $60 price ceiling for Russian oil … will remain unchanged for the time being,” the sources say.

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The EC also pointed out to European diplomats that among the G7 countries at the moment there is no desire to lower the price ceiling.

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Western oil sanctions against Russia came into force on December 5, 2022: 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 the level of $60 per barrel – it is forbidden to transport and insure more expensive oil. Russia, in response, banned from February 1 to supply oil to foreigners, if the contracts directly or indirectly provide for the use of the mechanism of fixing the marginal price.