BRUSSELS: European Union member states on Friday reached agreement on price caps for Russian petroleum products, ahead of an international embargo set to go into force over the weekend, Sweden said.
“EU ambassadors today approved the price caps on petroleum products ahead of final adoption by the European Council (representing EU member states),” tweeted officials from Sweden, which currently holds the rotating EU presidency.
The move is the latest part of an international push to limit Russian President Vladimir Putin’s war chest for his assault on Ukraine by targeting his key exports.
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 EU-wide embargo, on Russian fuel, is set to come into force on Sunday. It targets Russian refined oil products such as petrol, diesel and heating fuel, arriving on ships.