EU ready to limit prices on Russian oil – Bloomberg

President of the European Commission Ursula von der Leyen said that Europe will try to impose a price cap on Russian oil. But the price level has not yet been determined. It is reported by Bloomberg.

Europe is “ready” for oil restrictions

The European Union has introduced all necessary mechanisms to limit the price of Russian oil. The president of the European Commission Ursula von der Leyen said that Europe is ready for the next step.

“We have set all the tools necessary in place in the European Union,” von der Leyen told Bloomberg Television in an interview in Bali on the sidelines of the G-20 summit. “It is important not only to dry out the war chest of Russia but also very important for many vulnerable countries to have an acceptable level of prices”, – von der Leyen told Bloomberg.

The president of the European Commission added that the price level hasn’t been decided yet. 

Oil sanctions against Russia

The European Union has imposed sanctions on maritime imports of Russian oil. Russian oil shipments are subject to EU sanctions that will take effect on December 5. 

The EU and UK will forbid their firms from providing shipping, finance, and insurance for tankers transporting Russian oil on the same day unless the shipments are priced below a predetermined cap. A coalition made up of the EU and the countries of the Group of Seven will decide on the cap level.

In addition, the EU and the UK intend to prohibit their companies to deliver, finance, and insure tankers carrying Russian oil if the delivery price is lower than the limit.

Russia is trying to export as much “black gold” as possible by December 5. The only problem: the aggressor country lacks tankers.