The embargo on Russian oil in the EU came into force

As Novye Izvestia previously reported, the introduction of a price ceiling from December 5 became possible after the European Union confirmed on December 2 the decision to introduce a price limit of $60 per barrel with a review mechanism. Poland, which demanded to set a price limit for Russian oil no higher than $30 per barrel, agreed to the terms proposed by the EU, after which the countries managed to come to a unified decision.

On December 4, Russian Deputy Prime Minister Alexander Novak said that the authorities are developing a mechanism to ban the use of price restrictions on Russian oil. On the same day, it became known that the OPEC+ countries would not respond to the price limit for Russian oil. The alliance committee during the meeting recommended to further reduce oil production by 2 million bpd, as insisted by Russia and Saudi Arabia.