The President of the European Commission, Ursula von der Leyen, announced on Twitter on December 2, 2022, the purpose of the restriction on sea imports of Russian crude oil, which the EU countries and its G7 partners will apply from December 5 of this year.
Source: The President of the European Commission Ursula von der Leyen
“The EU agreement on an oil price cap, coordinated with G7 and others, will reduce Russia’s revenues significantly. It will help us stabilize global energy prices, benefitting emerging economies around the world,” said Ursula von der Leyen.
In a video message accompanying this post, Ursula von der Leyen reminded that the European Union and other G7 partners would introduce a complete ban on sea imports of Russian oil from December 5, 2022.
“We need to ensure that emerging and developing countries continue to have access to some Russian crude oil at limited prices. And thus today, the European Union, the G7 and other global partners have agreed to introduce a global price cap on seaborn oil from Russia,” the President of the European Commission said.
According to Ursula von der Leyen, such a price cap has three purposes. The first is the strengthening of the effect of EU sanctions. The second is to further reduce Russia’s income. Thirdly, it will further stabilize the global energy market.
See also: EU controls about €300B of the financial resources of the Russian central bank
