The EU agrees on level of price caps for Russian petroleum products

On February 4, 2023, the Council adopted two additional price caps for Russian petroleum products, after having previously capped the price of crude oil at $60 in December 3, 2022.

After a transitional period of 55 days, the price of petroleum products traded at a discount to crude (like fuel oil and naphta) is capped at $45 per barrel, while the price of petroleum products traded at a premium to crude (like diesel) is capped at $100 per barrel.

Council Decision (CFSP) 2022/1909 bans  maritime transport and the provision of finance, financial assistance, brokering services and technical assistance to the maritime transport, of Russian crude oil and petroleum products to third countries, unless the above price caps are respected. Imports of Russian crude and petroleum products are already banned wholesale in the EU under previous sanctions packages. 

The caps can be reviewed every two months.