European embargo on Russian petroleum products comes into force

At midnight, the European Union's embargo on imports of refined products such as diesel came into force. The measure is intended to limit Russia's revenue from the sale of energy products, reducing its ability to finance the war in Ukraine.

The embargo was agreed upon in June, as part of the EU's sixth sanctions package against Russia over the war in Ukraine. It provides a temporary exemption for certain countries. An embargo on imports of Russian crude by sea already went into effect in December.

According to the latest figures from the European statistics agency Eurostat, Russia exported 2.3 billion euros worth of refined petroleum products to the European Union in October.

On Friday, EU countries, like the G7 and Australia, also agreed on a price ceiling for Russian petroleum products. The price of high-quality products such as diesel will be capped at $100 a barrel, while a ceiling of $45 a barrel will be applied to lower-quality products.



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