By Andrew Duehren, Laurence Norman and Joe Wallace
BRUSSELS (Dow Jones) — The European Union has apparently agreed to limit the selling price of high-value Russian petroleum products like diesel to $100 a barrel and low-value products like heating oil to $45 a barrel. This clears the way for Western allies to expand sanctions against Russia’s oil industry, according to people familiar with the deal.
Following the unanimous agreement between the 27 EU member states, the rest of the G7 industrialized countries and Australia are expected to confirm the agreement. As with the $60 a barrel price cap for Russian crude oil imposed by the US and its allies last year, the deal will ban Western companies from trading in Russian oil products unless they sell below set prices.
The sanctions aim to keep Russian oil available on world markets to keep prices stable, while reducing the Kremlin’s revenues in response to its invasion of Ukraine. Price restrictions on Russian petroleum products come into force on February 5.
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DJG/DJN/jhe/ros
(END) Dow Jones Newswires
February 03, 2023 13:18 ET (18:18 GMT)
