EU expects to be ready for Russia oil price cap Dec. 5 start – officials – Reuters.com

EU expects to be ready for Russia oil price cap Dec. 5 start – officials – Reuters.com

SHARM EL-SHEIKH, Egypt, Nov 18 (Reuters) - The European Union 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 EU'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.