“The G7 agreed today on the price ceiling for Russian oil, the EU Council just approved this decision in parallel.
The ceiling will be set at $60 per barrel and will be adjustable in accordance with market changes,” the document says, quoted by TASS.
The price ceiling will come into effect on December 5 for crude oil and February 5 for refined products.
At the same time, there will be a 45-day delay for Russian oil supplied by sea for ships that loaded before December 5 and unloaded at the port of destination until January 19.
As noted by the head of the European Commission Ursula von der Leyen, the price limit will be regulated.
The Kremlin previously reported that they were analyzing the situation with the establishment of a ceiling on oil prices, and some preparations for such a ceiling had been made.
Russian Deputy Prime Minister Alexander Novak warned that Russia would not supply oil and oil products to countries that introduced energy price ceilings.