The Council of the European Union has set a price limit for oil products exported from Russia.

APA informs that the press service of the EU Council released information about this.

It was reported that the Council today established two price limits for petroleum products imported from Russia or exported from Russia included in CN code 2710.

"These are the prices of one barrel of oil products from Russia that are not subject to the ban.

The limit for crude oil, mainly diesel and other oil products sold at a high price is 100 US dollars per barrel, and 45 US dollars per barrel for products sold at a discount such as fuel oil and naphtha.

This cap was determined in close cooperation with the Price Coalition and will take effect on February 5, 2023.

A 55-day transition period is planned for ships carrying Russian oil products.

The EU Council said that the crude oil price ceiling mechanism will be reviewed from mid-March and the review will be repeated regularly every two months.