Russian Oil Price Cap Adopted by EU.

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According to Politico Europe, which cited diplomatic sources, the EU has tentatively agreed to set a price ceiling on the export of Russian oil to other nations.

Despite being supposedly offer concessions, Cyprus, Greece, and Malta expressed worries about the possible impact on their maritime industries.

The price restriction is a component of the eighth wave of anti-Russian sanctions; which Brussels is to implement this week in reference to the still-ongoing crisis in Ukraine. With an oil embargo set to take effect in December, the EU already forbade the purchase of coal from Russia.

Given that the EU has already imposed sanctions on all Russian ships; the price restriction aims to stop Moscow from sending petroleum shipments via EU-registered boats to non-EU nations.


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