EU agrees on level of price caps for Russian petroleum products

The EU Council has decided to set two price caps for petroleum products falling under CN code 2710 which originate in or are exported from Russia, Report informs referring to the EU Council website.

These are the price per barrel at or below which petroleum products from Russia are exempt from the prohibition to provide: maritime transport of petroleum products to third countries and technical assistance, brokering services or financing or financial assistance, related to the maritime transport of petroleum products to third countries.

The first price cap for petroleum products traded at a discount to crude oil is set at $45 per barrel, while the second price cap for petroleum products traded at a premium to crude is set at $100 per barrel.