MURMANSK (Pakistan Point News / Sputnik - 09th December, 2022) The Norwegian government has imposed a price cap on Russian crude oil in the amount of $60 per barrel in line with the European Union's regulations related to the energy prices ceiling, the Norwegian Foreign Ministry said.
"Norway has imposed a $60 per barrel price cap on Russian crude oil as part of the sanctions. This goes in line with the price ceiling adopted in the EU and G7 countries. The oil price cap will help reduce Russia's revenues from the sale of crude oil to third countries," the ministry said in a statement.
The European Union's $60 per barrel price cap on Russian oil went into force on December 5, together with a ban on seaborne exports. The cap will be reviewed every two months to remain at 5% below International Energy Agency benchmark. The G7 nations and Australia have also capped Russian oil exports at $60 per barrel.
Western countries have been seeking ways to limit Russia's income from oil and gas exports since the country launched a military operation in Ukraine on February 24.
