Xinhua News Agency, Brussels, December 2 (Reporter Kang Yi) The European Union agreed on the 2nd to set a price ceiling of US$60 per barrel for Russian oil exports.
After the final stage of negotiations, the Czech Republic, the rotating presidency of the EU, posted on social media on the 2nd that EU member states reached an agreement on setting a price ceiling for seaborne oil exports to Russia on the same day.
The agreement still needs to go through a written process for formal approval, details of which will be announced on the 4th.
According to this price ceiling, if the price of oil exceeds the threshold of US$60 per barrel, the provision of insurance, financial and other services for Russian oil transportation will be prohibited.
The G7 finance ministers reached an agreement in September to set a price ceiling for oil exports to Russia.
According to the agreement, the Group of Seven will impose price limits on Russian crude oil from December 5, and price limits on Russian refined petroleum products from February 5 next year.
The Russian side stated that it will not supply oil and oil products to countries that impose price limits on Russian oil.
Proposals such as restricting oil imports from Russia and imposing price caps on Russian oil can only lead to a spike in oil prices like natural gas prices.