European Commission: the introduction of the marginal price for oil in Russia provides for a transitional period

“It (ceiling. -

) will not apply to oil purchased in excess of the marginal price and loaded on ships before December 5 and unloaded before January 19, 2023,” the EC said in a release.

In addition, the release says that the EU plans to withdraw insurance and funding for ships that will transport oil from Russia at a price in excess of the limit set by the EU.

Earlier it became known that the G7 countries, the European Union and Australia agreed on the introduction from December 5 of a price ceiling for Russian oil supplied by sea at $60 per barrel.

The price ceiling will come into effect on December 5 for crude oil and February 5 for refined products.

As noted by the head of the European Commission Ursula von der Leyen, the price limit will be regulated.