EU Agrees to Price Cap on Russian Refined Oil Products

The EU agreed to a price cap on Russian refined oil products (see 2301180020), the Swedish Presidency of the Euopean Council of the EU said Feb. 3. The cap, which applies from Feb. 5, will be set at $100 per barrel for products that trade at a premium to crude, such as diesel, and $45 per barrel for products that trade at a discount, including fuel oil and naphtha, Reuters reported. The EU will authorize a 55-day transition period for sea-borne Russian oil products bought and loaded before Feb. 5, the report said. The Swedish Presidency called the cap an “important agreement as part of the continued response by EU and partners to the Russian war of aggression against Ukraine.”