EU expects to be ready for Russia oil price cap Dec. 5 start — officials

EU expects to be ready for Russia oil price cap Dec. 5 start — officials

SHARM EL-SHEIKH: The EU expects to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude oil on Dec. 5 , the organizations’s energy policy chief told Reuters. The EU will ban Russian crude imports from that date, and Russian oil products from Feb. 5, depriving Russia of oil revenues and forcing one of the world’s top oil producers and exporters to seek alternative markets. In addition, a G7 plan, intended as an add-on to the EU embargo, will allow shipping services providers to help to export Russian oil, but only at enforced low prices. This is also set to take effect on Dec. 5. “Our sanctions will cover crude for EU member states so we will not buy Russian crude oil starting from December 5 and we covered the possible oil price gap for international buyers with our eighth package of sanctions,” EU energy commissioner Kadri Simson said. “If the G7 will decide the exact price cap level, we also will need a council mandate for that,” she said on the sidelines of the COP 27 climate summit in Egypt this week. Simson said there was enough time: “We