OREANDA-NEWS  The European Union has made a number of exceptions to the embargo on Russian petroleum products, as well as from the price ceiling for supplies to third countries. Thus, Brussels has withdrawn from sanctions petroleum products produced from Russian oil not in Russia.

The price ceiling will also not apply when mixing Russian petroleum products and products from other countries, follows from the explanations of the European Commissions (.pdf). RBC drew attention to the document. Thus, European providers will be able to provide insurance and transportation services for such petroleum products above the established ceiling.

Since December 5, 2022, the European Union has banned the import of Russian oil by sea with a number of exceptions, and also set a ceiling on prices for raw materials from the Russian Federation in the amount of $60 per barrel (EU companies are prohibited from providing transportation and insurance services if oil is sold above this limit). Since February 5, similar sanctions have been in effect for Russian oil products. The price ceiling is set at $40 and $100 per barrel, depending on the type of product. The marginal cost of oil and petroleum products was also set by the G7 countries and Australia.