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| EU reveals exemptions for sanctioned Russian oil products | EU reveals exemptions for sanctioned Russian oil products |
| (40 minutes later) | |
| Russian crude blended with petroleum products in a third country are exempt from a price cap, according to new guidance | Russian crude blended with petroleum products in a third country are exempt from a price cap, according to new guidance |
| The European Union has issued exceptions to its embargo on Russian petroleum products which came into force on February 5. | The European Union has issued exceptions to its embargo on Russian petroleum products which came into force on February 5. |
| According to guidance published on the website of the European Commission on Tuesday, if a Russian petroleum product is processed by being blended in a third country with a product from another country, it will no longer be considered of Russian origin and the price cap will not apply. | |
| “The price cap will no longer apply after the crude oil or petroleum products have been released for free circulation in a jurisdiction outside Russia and are consigned to the landed purchaser,” the report stated. | “The price cap will no longer apply after the crude oil or petroleum products have been released for free circulation in a jurisdiction outside Russia and are consigned to the landed purchaser,” the report stated. |
| The exemption will allow EU countries to continue buying Russian petroleum products such as diesel from third countries since Moscow has prohibited any sales under the price cap scheme. | The exemption will allow EU countries to continue buying Russian petroleum products such as diesel from third countries since Moscow has prohibited any sales under the price cap scheme. |
| The EU’s ban on Russian refined petroleum products came into force on February 5, setting a price limit of $100 per barrel for diesel, jet fuel, and gasoline coming from Russia, and a $45-per-barrel cap for other oil products that trade below the crude price, such as fuel oil used in industry. | The EU’s ban on Russian refined petroleum products came into force on February 5, setting a price limit of $100 per barrel for diesel, jet fuel, and gasoline coming from Russia, and a $45-per-barrel cap for other oil products that trade below the crude price, such as fuel oil used in industry. |
| The price caps, together with an EU ban on Russian oil product imports, are part of a broader agreement among the G7 countries. It follows a $60-per-barrel cap on Russian crude that the G7 along with the EU and Australia imposed on December 5. | The price caps, together with an EU ban on Russian oil product imports, are part of a broader agreement among the G7 countries. It follows a $60-per-barrel cap on Russian crude that the G7 along with the EU and Australia imposed on December 5. |
| The measures prohibit Western companies from financing, insuring, trading, brokering or carrying cargoes of Russian crude and oil products unless they were bought at or below the set price caps. | |
| Moscow has opposed any attempts to cap prices on its energy exports. The Russian government has banned crude sales to buyers that mention the price ceiling in their contracts, and a similar restriction is expected to be introduced regarding the EU’s latest cap on oil products. | Moscow has opposed any attempts to cap prices on its energy exports. The Russian government has banned crude sales to buyers that mention the price ceiling in their contracts, and a similar restriction is expected to be introduced regarding the EU’s latest cap on oil products. |
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