EU approves price caps for Russian petroleum products

13:52, 04.02.2023 1 min read

The Council of the EU on Saturday officially set two price caps for petroleum products which originate in or are exported from Russia at $100 per barrel for petroleum products traded at a premium to crude oil and $45 for petroleum products traded at a discount to crude.

"The Council decided today to set two price caps for petroleum products… which originate in or are exported from Russia," the Council of the EU said a statement released in Brussels.

The caps will become applicable as of February 5, 2023.