The price ceiling for Russian crude oil, petroleum oils and oils derived from bituminous minerals, set by the Council of the European Union on 3 December at US＄60 per barrel, will enter into force today.
The price cap level was set in close cooperation with the international Price Cap Coalition of the G7 and Australia. It will limit price surges driven by extraordinary market conditions and drastically reduce the revenues Russia has earned from oil after it unleashed its illegal war of aggression against Ukraine. It will also serve to stabilise global energy prices while mitigating adverse consequences on energy supply to third countries, according to a press release by the Council of the EU.
The functioning of the price cap mechanism will be reviewed every two months to respond to developments in the market, and will be set at least 5% below the average market price for Russian oil and petroleum products, calculated on the basis of data provided by the International Energy Agency.
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