The European Council confirmed that the European Union (EU) agreed with the price ceiling for Russian oil at US$ 60 a barrel, starting to be valid next Monday (5).
The agreement still has a transition period of 45 days for ships carrying Russian crude oil, purchased and loaded on the ship before December 5, 2022 and unloaded at the port of final destination before January 19, 2023.
The maximum price may be revised from time to time, with a 90-day transition period after each change.
According to the statement, published this Saturday (3), on the Council’s website, the mechanism will be reviewed every two months “to respond to market developments and will be set at least 5% below the average market price of Russian oil and derivatives” .
The Council also introduces an “emergency clause”, which allows the transport of oil beyond the maximum price or the provision of technical assistance, brokerage services or financing or financial assistance related to the transport, when deemed necessary.
However, Russian officials rejected the $60 price cap on the country’s crude set by Western supporters of Ukraine and threatened on Saturday to stop supplying the commodity to nations that endorsed the measure.
For its part, the office of Ukrainian President Volodymyr Zelensky asked on Saturday for a ceiling against Russian oil lower than that agreed by members of the G7, European Union (EU) and other countries, of US$ 60.00 for US $30.00.
Source: CNN Brasil
A journalist with over 7 years of experience in the news industry, currently working at World Stock Market as an author for the Entertainment section and also contributing to the Economics or finance section on a part-time basis. Has a passion for Entertainment and fashion topics, and has put in a lot of research and effort to provide accurate information to readers.
