EU sets $60 price cap on Russian seaborne crude from 5 December

The Council of the EU on 3 December set a price cap of $60 a barrel on crude oil originating in or exported from Russia, applicable from 5 December and agreed with the Price Cap Coalition. An October decision banned maritime transport of Russian crude to third countries from 5 December, and of petroleum products from 5 February 2023, together with related financing, brokering and technical services, but exempted cargoes bought at or below the cap. Crude bought and loaded before 5 December and unloaded by 19 January 2023 falls under a 45-day transition. The Council said the cap will be reviewed every two months and kept at least 5% below the average market price.

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