EU member states have agreed on the level of price caps to be imposed on shipments of Russian refined oil products, which will come into effect on Sunday as part of a G7 effort to cut Moscow’s export revenues.
Ambassadors of the 27 EU states agreed at a meeting on Friday to limit the price of premium products such as diesel at $100 a barrel and that of low-end products including fuel oil at $45 a barrel.
The caps will allow shipping companies carrying Russian oil products to access western insurance and financing only if they pay less than the prescribed level.
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