The United States agreed to introduce two price ceilings for Russian oil products.

The US and its allies will set two price ceilings for Russian oil products, depending on the category, the US Treasury Department said.

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This decision was the result of a meeting between Deputy Minister Wally Adeyomo and his colleagues in the coalition of countries that have joined the Russian oil price cap mechanism.

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“Deputy Ministers agreed on an approach that involves the introduction of two ceilings for refined petroleum products <…> One for products that are usually traded at a premium to crude oil, including diesel or gasoline, and the second for products that are sold with discount,” the statement said.

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It is assumed that the limit will come into effect in February, along with the EU embargo on petroleum products.

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In addition, in March, the coalition intends to revise the price ceiling for Russian oil, set at $60 per barrel.

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“This will allow the coalition to take into account the development of the situation in global markets,” the US Treasury Department added.