EU Commission Says Preparing Legislative Framework To Introduce Russian Oil Price Cap

EU Commission Says Preparing Legislative Framework to Introduce Russian Oil Price Cap

The European Commission is preparing a legislative framework that will allow the European Union to impose a price cap on Russian oil, European Commission President Ursula von der Leyen said on Wednesday

BRUSSELS (Pakistan Point News / Sputnik - 28th September, 2022) The European Commission is preparing a legislative framework that will allow the European Union to impose a price cap on Russian oil, European Commission President Ursula von der Leyen said on Wednesday.

"The G7 has agreed in principle to introduce a price cap on Russian oil for third countries. This oil price cap will help reduce Russia's revenues on the one hand and it will keep global energy markets stable on the other hand. Today, in this package, here, we are laying the legal basis for this oil price cap," von der Leyen said during a joint press conference with EU foreign policy chief Josep Borrell.