The European Union has tentatively agreed on a price ceiling for Russian oil of $60

According to Reuters, citing an EU diplomat, by the evening of December 1, Poland, which demanded a price ceiling of $30 per barrel, did not confirm whether it would support the new deal.

- The limit price is set at $60 with the condition that it will be 5% below the market price for Russian oil, based on IEA data, - said the source of the publication.

The established ceiling will allow EU countries to continue importing raw materials from the Russian Federation via Western insurance and sea routes, until buyers begin to pay more: than the established limit. Initially, it was supposed to introduce a price ceiling at the level of $65-70. According to the interlocutor of the agency, the authorities of the G7 countries closely followed the oil markets during the development of a price cap mechanism, and now they are probably “quite satisfied” with the agreed parameters.

The ceiling price is expected to be reviewed in January, and then it may change every two months. This will allow us to assess how the scheme works and respond to possible “turbulences” in the oil market. The 45-day transition will apply to ships carrying crude oil of Russian origin loaded before December 5 and unloaded by January 19 next year. On February 5, it is planned to set a price limit for petroleum products. Russia will not continue to supply oil to those countries that join the introduction of a price limit on Russian fuel.

On December 1, it became known that the EU countries had previously agreed on a price ceiling for Russian oil at $60 per barrel. The US Treasury is following the same strategy. Poland remained the only country that disagreed with this limit. Meanwhile, Russian Urals was trading at $58 a barrel at the end of November, which is clearly below the ceiling proposed by the European Union.