The steps taken by the EU to add "exceptions" to the ceiling on the price of petroleum products only show that they are badly needed in Europe, Russian Deputy Prime Minister Alexander Novak said, quoted by Reuters.

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"Yesterday we saw another change of European regulations, another exception," he said in a comment for the Russian state agency TASS.

"This only shows that our oil products are in demand in Europe, and European politicians recognize that their actions contradict logic and are trying to get out of the situation."

Last week, the EU agreed to cap the price of Russian oil products to limit the Kremlin's revenue, which it uses to finance its invasion of Ukraine.

At the same time, several exceptions to the price ceiling were adopted.

According to the latest guidelines announced yesterday, the price cap will not apply when crude oil or petroleum products are released for use in a country outside of Russia and then transferred to an onshore buyer.

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The price ceiling also does not apply to Russian petroleum products when blending operations in a third country "result in a tariff change" or changes in the type of petroleum product.

In December, a ban on the import of Russian oil by sea came into force in the EU, as well as a price ceiling of $60 for those entering by land.

It is still well above the price at which Russian Urals oil is currently being sold.

Russian invasion of Ukraine

European sanctions

Russian oil