Novak: Mechanism to ban the use of the price ceiling for oil in the Russian Federation should be operational before the end of this year From IFX

Russia and domestic companies are finalizing the mechanism to ban the use of the price ceiling on Russian oil, Deputy Prime Minister of the Russian Federation Alexander Novak told reporters.

“Now it is being finalized with companies,” Novak said, expressing confidence that the measure would be introduced before the end of the year.

On the night of December 3, the EU published a decision – the price ceiling for Russian oil was approved at $60 per barrel. The mechanism came into force on December 5.

Russia does not plan to sell oil to countries that have joined the new order.

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