The plans of the European Union to ban imports of refined oil products from Russia starting February 5 are on track, a European Commission spokesperson said on Thursday
MOSCOW (Pakistan Point News / Sputnik - 26th January, 2023) The plans of the European Union to ban imports of refined oil products from Russia starting February 5 are on track, a European Commission spokesperson said on Thursday.
"We are sticking to the schedule with the ban on the imports of refined products on February 5," Daniel Sheridan Ferrie, the European Commission's spokesperson for financial services, told reporters.
The EU stopped buying Russian crude in December and set February 5 as the cutoff date for imports of refined oil products. It has been working with G7 allies and Australia on a price cap for refined products exported from Russia.
"There are ongoing discussions now with both our G7 partners and with member states on the introduction of a price cap on these products. The internal procedures are ongoing," the spokesperson said, adding that more details might follow in the coming days.
The US Treasury said last week that there were two price caps on the table for refined products: one for products that trade at a premium to crude, such as diesel or gasoil, and another for products that trade at a discount, such as fuel oil.
The G7 imposed a $60-per-barrel price cap on Russian crude late last year in a bid to slash Russian oil revenues. In response, President Vladimir Putin banned sales of oil to countries that abide by the price cap for five months from February 1 and promised similar action for other price caps.
