EU Oil Sanctions Against Russia Came into Force

On December 5, the decision of the EU Council on the price cap for Russian oil and the ban on maritime transportation of Russian oil to third countries came into force.

The maximum price for oil and oil products originating from or exported from Russia is set at $60/barrel.

The decision also provides for a ban on transportation-related technical assistance, brokerage services or financial assistance.

From February 5, 2023, a ban on maritime transportation of Russian oil products will come into force.