EU, G7, Australia Reach Deal On Price Caps For Russian Fuel

European Union member states, the Group of Seven industrialized countries and Australia said Friday that they have reached an agreement on price caps for Russian petroleum products

Brussels, UrduPoint / Pakistan Point News - 4th Feb, 2023 ) :European Union member states, the Group of Seven industrialized countries and Australia said Friday that they have reached an agreement on price caps for Russian petroleum products.

The caps involve two price levels, $100 per barrel for more expensive fuel like diesel and $45 on lower-quality products such as fuel oil, according to officials.

Sweden, which holds the rotating EU presidency, called it an "important agreement as part of the continued response by EU and partners to the Russians.

The EU in December imposed an embargo on Russian crude oil coming in by sea and -- together with its G7 partners -- set a $60-dollar-per-barrel cap for exports around the world.

The second embargo, on Russian fuel, is set to come into force on Sunday or soon after. It targets Russian refined oil products such as petrol, diesel and heating fuel, arriving on ships.