Russia to ban oil sales under EU price ceiling By — The mechanism for banning Russian companies from selling oil using a price ceiling is planned to be adopted before the end of the year, Deputy Prime Minister Alexander Novak said. According to him, the details of this mechanism are now being discussed with companies, Kommersant reports. Novak said.

He did not provide any details.

The countries of the European Union, the G7, and Australia have agreed on a price limit for Russian oil at $60 per barrel. This measure has been in effect since December 5th. Bloomberg wrote at the end of November that the Kremlin would ban the sale of Russian oil to countries that introduced a price ceiling for it.

According to the agency, “any mention of the ceiling price in contracts for Russian oil or oil products” will be prohibited.

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Text prepared by Timur Aliev


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