On Saturday, December 3, the Council of the EU adopted a decision on the introduction of price restrictions on Russian marine crude oil.

The limit is set at USD 60 per barrel.

In the future, the price may be adjusted to respond to market developments.

This is stated on the website of the Council of the EU.

"Limiting the price of Russian oil will limit price spikes caused by extraordinary market conditions and will sharply reduce the revenues that Russia received from the sale of oil after it launched an illegal war of aggression against Ukraine. It will also contribute to the stabilization of world energy prices and the mitigation of negative consequences for the energy supply of third countries," the statement said.

The news is being updated..