The European Union considered it "unnecessary" to review the price cap on Russian oil mid-January even though the sanctions legislation includes this option, the spokesperson for the European Commission (EC), Arianna Podesta, said on Monday
MOSCOW (Pakistan Point News / Sputnik - 06th February, 2023) The European Union considered it "unnecessary" to review the price cap on Russian oil mid-January even though the sanctions legislation includes this option, the spokesperson for the European Commission (EC), Arianna Podesta, said on Monday.
"There was the possibility to review the cap in mid-January. Given the possibility to consider a reviewed cap doesn't mean necessarily adopting a revised cap, the price cap has remained unchanged for what regards to crude oil. So, it was considered that at this stage it is not necessary to have a revision," she said at the EC midday briefing, when asked whether the EU has reviewed the price cap on Russian crude oil, as it was stated in the sanctions regulation.
Western countries have been seeking ways to limit Russia's income from oil and gas exports, as well as their dependence on Russian fuel since the country launched a military operation in Ukraine on February 24. On December 5, the European Union placed a price cap of $60 per barrel on Russian crude oil, joined by the G7 nations and Australia.
In late December, Russian President Vladimir Putin signed a decree banning supplies of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap. According to Kremlin spokesman Dmitry Peskov, the Russian president did not consult with OPEC+ allies before signing off on these countermeasures.
