The Swedish presidency of the European Union supported the plan to limit the price ceiling for Russian refined oil products, which was presented by the European Commission on Friday, December 14, and agreed to this proposal.

According to a Bloomberg report, EU members agreed to implement a price cap of $100 per barrel of Russian-produced diesel sold to third countries.

According to the report of the Energy Bulletin News Group, quoted by the Reuters news media, the European Union countries have agreed on setting a high price ceiling for Russian oil production. Because this will limit Russia's income to attack Ukraine. EU diplomats announced that the price ceiling for products such as diesel, which is traded at a higher price than crude oil, is $100 per barrel, and the ceiling for products such as naphtha, which is cheaper than oil. Crude oil is traded at $45 per barrel. The ambassadors of 27 European Union member countries agreed on this proposal of the European Commission, which is to be implemented from Sunday, 16 April.

These ceilings set for the prices of Russian oil products, along with the sanctions imposed against that country's oil products, are part of a broad agreement among the G7 countries.

Prior to this statement, the European Union banned the purchase and import of Russian oil transported by sea from 14 arcs, and together with its allies in the G-7 and Australia, simultaneously implemented a price ceiling for Russian oil. By means of this mechanism, the use of marine insurance, investment and other western services for Russian oil shipments will be prohibited; Unless these shipments are sold at the price of 60 dollars or lower, that means they actually agree to limit the price ceiling.

Although the price ceiling for Russian refined oil production is set to be capped on Sunday, Russia's energy minister says he sees no reason to cut output, and to take advantage of a possible drop in Russia's own demand for oil, rescheduling refinery repairs. It has not considered itself.

Although restrictions on Russia's oil production price cap are set to go into effect on Sunday, cargoes loaded before the plan was approved have been given a deadline of April. The price of Russian diesel at the beginning of the previous week was around 90 dollars, which was actually lower than the set ceiling. Wood Mackenzie said earlier this week that the $100 cap would not have a significant impact on Russian refiners, but could reduce that country's diesel exports by about 200,000 barrels per day.