NextGen Day

The price of Russian seaborne oil will be capped at USD 60 per barrel beginning on December 5, according to an agreement reached by the G7, member states of the European Union, and Australia, the European Commission announced on Saturday.

“Today, the international Price Cap Coalition put a cap on the price of Russian crude oil that is transported by sea. In parallel, its implementation within the EU has just been agreed upon by EU Member States in the Council. The cap is changeable in the future to reflect changes in the market and has been established at a maximum price of $60 per barrel for crude oil “The sentence read.

The European Commission continued, “The price cap also provides for a smooth transition – it will not apply to oil purchased above the price cap, which is carried aboard vessels before December 5 and emptied before January 19, 2023.

The price cap will permit European operators to transport Russian oil to third countries as long as its price stays firmly below the cap, the paper states, “while the EU’s ban on importing Russian seaborne crude oil and petroleum products remains fully in effect.”

Exclusions for several EU nations have been confirmed by the European Commission as well. This is especially concerning for Hungary, which exclusively obtains oil through pipelines and supported Brussels’ initiative on the condition that the price restriction would not apply to pipeline supplies.

In the meanwhile, the European Union will forbid its operators from providing insurance, financing, and maintenance to third-country ships carrying Russian oil that was purchased beyond a price cap for a 90-day period, according to the European Commission.

“For 90 days after the cargo acquired above the price ceiling has been unloaded, EU operators are not permitted to insure, finance, or provide maintenance on a vessel flying the flag of a third nation that has Russian oil on board with the intent of transporting it above the price cap. An EU vessel, such as one flying the EU flag, will be subject to the repercussions stipulated by the national laws of each Member State if it violates the price cap “declared the commission.

Russia previously declared that it would not offer energy supplies to nations imposing price restrictions and was resolved to solely conduct business under market conditions.

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