The European Commission will work on introducing a ceiling price for Russian oil in all EU countries, not just among the G7 states. This was stated by the European Commissioner for Economy, Paolo Gentiloni.
He noted that the agreement on limiting the price of Russian oil exports by sea transport strengthens the sixth package of EU sanctions.
According to him, the agreement applies to the G7 countries, but at the same time it allows the continued sale of Russian oil on world markets at low prices.
The G7 will now work to build a broad global coalition to finalize the design and level of the price cap, and jointly implement it to maximize its effectiveness.
"The Commission will play its full part in working to achieve unanimity among our 27 Member States to implement this measure in the EU. Our aim is to do this in line with the timetable agreed under the EU's sixth sanctions package, i.e. 5 December 2022 for crude oil and February 5, 2023 for petroleum products," Gentiloni said.
