Moscow responds to EU's decision to cap prices on Russian oil

The embargo of the European Union on the supplies of Russian oil came into force on December 5. The EU has thus ceased to import sea-supplied energy resources from Russia, TASS reports.

The decision of the European Union to ban the transportation and insurance of Russian oil at a price above $60 per barrel comes into force as well.

A number of countries were left exempt from the embargo:

  • Bulgaria will be able to buy oil and oil products from Russia by sea until 2024;
  • Croatia will be able to buy gas oil until the end of 2023.

In addition, several European countries will continue importing Russian pipeline oil. The decision was made for the countries that have no alternatives to Russia's energy resources.

Earlier it became known that most European countries had already abandoned Russian sea oil supplies in an anticipation of the embargo. In October, exports of Russian fuel to the EU fell by 50 percent compared to January — from 1.6 million to 770,000 barrels per day, and they continue declining.

Russia will not recognise EU's cap

Russia will not recognise the decision of the European Union to cap oil prices, Kremlin's official spokesman Dmitry Peskov said, TASS reports.

"One thing is obvious — we will not recognise any caps,” he said. The Kremlin is working on a response for the decision of the European Union, Peskov added, but he did not name any timing when it could be announced.

Peskov also assured that the decision to cap prices on Russian oil would not affect the financing of the military operation in Ukraine. EU's decision comes as a "step towards destabilization of world energy markets.”

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Author`s name Petr Ernilin
Editor Dmitry Sudakov
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