Kallas: EU will seek to lower price caps on Russian oil

The European Union will continue working to lower the price ceiling on Russian oil to deprive Moscow of additional income, EU diplomatic chief Kaja Kallas said in an interview with Bloomberg TV, according to Report.

"I really insist on lowering this indicator because it has an obvious effect," she said. "Russia is experiencing difficulties, [...] not receiving the same revenues as before from oil and gas," Kallas claims.

The EU diplomatic chief also assured that the EU "still has options it can use."

On December 5, 2022, the European Union's embargo on maritime supplies of oil from Russia came into force. The G7 countries, EU, and Australia imposed a price ceiling of $60 per barrel on Russian oil transported by sea for their vessels and territories. From February 5, 2023, similar restrictions began to apply to imports of petroleum products from Russia. The price ceiling was set at $100 and $45 per barrel depending on the category of petroleum products, however, as experts noted, the oil supply restrictions are not effectively working due to market shortages.

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