January 27, 2023

Columbus Post

Complete News World

EU oil embargo: Russia builds “shadow fleet” from old tankers

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The European Union has agreed to a price ceiling for Russian oil – only US$60 per barrel.

Until this year, Germany and other European countries were among the biggest buyers of Russian oil. All that changed after Russia’s invasion of Ukraine – EU member states announced a ban on Russian tanker oil coming into force on Monday. To this end, a price cap on Russian oil is to be implemented and Russia is to be forced to sell the raw material for a maximum of USD 60 (Swiss 56 Swiss francs) per barrel (159 litres).

“We will not accept this price ceiling,” Kremlin spokesman Dmitry Peskov, 55, said Saturday, according to Russian news agencies. He said Moscow had prepared in advance for such a cap, but did not provide further details.