BRUSSELS, FEBRUARY 4 – RIA Novosti. The European Commission said in a statement that the European Union will introduce price limits for Russian petroleum products with a 55-day transition period from February 5.

“The price limit for petroleum products will be introduced from February 5, 2023,” the statement said.

The EU has agreed to set a price cap of $100 per barrel for Russian petroleum products that are traded at higher prices than crude oil (e.g. diesel and kerosene), and $45 for those traded at a discount (e.g. naphtha). This was done in conjunction with the G7 and Australia.

“This includes a period of 55 days (transitive – ed.) for offshore Russian petroleum products purchased at a price above the limit, provided that they are loaded on a ship at the port of shipment and discharged at the final date by February 5, 2023. Port of destination until April 1, 2023” explains the European Commission.

The ban on the import of Russian petroleum products into the European Union will also enter into force on February 5. It was approved by the EU last year as part of sanctions.

The measure on price limits for petroleum products includes prohibiting EU companies, in particular, from providing services for the transportation and financing of Russian petroleum products and goods to a third of the country at prices above the limit.

The West has increased its sanctions pressure on Russia because of Ukraine. Russian President Vladimir Putin has previously stated that the policy of containing and weakening Russia is a long-term strategy of the West and that the sanctions deal a serious blow to the entire global economy. According to him, the main purpose of the West is to make the lives of millions of people worse. The Russian Federation has repeatedly stated that Russia will solve all the problems that the West has created for itself.