EU agrees Russian oil price cap amid Ukraine crisis – News

Bloc should also limit exports of aircraft components to the country, imports of steel from it


Published: Wed 05 Oct 2022, 03:17 PM

European Union countries agreed on Wednesday to impose new sanctions on Russia after the annexation of four regions of Ukraine, according to an EU official, including an expected cap on Russian oil prices.

Diplomats from EU member states hammered out the deal in Brussels, said the official representing the Czech Republic, which holds the rotating presidency of the 27-nation bloc.

No details on the sanctions were immediately released. They will be published on Thursday.

They are expected to include a price cap on Russian oil, restrictions on European exports of aircraft components to the country and limits on steel imports from that country.

These measures build on already unprecedented European sanctions against Russia following the Ukraine crisis since February.


EU measures to date include restrictions on energy from Russia, bans on financial transactions with Russian entities, including the central bank, and asset freezes against more than 1,000 people and 100 organizations.

The EU already plans to ban most Russian petroleum products, which will force Russia to lower prices to find new customers. OPEC oil-producing nations are meeting on Wednesday to discuss cutting production to boost oil prices, which would help Russia.

Christi C. Elwood