The EU’s energy policy chief told Reuters that the EU expects its regulations to be completed before introducing a G7 plan on December 5 to cap the price of Russian crude oil.
In addition, the EU will prohibit the import of Russian crude oil and Russian oil products beginning on February 5.
“Our sanctions will cover crude for EU member states, so we will not buy Russian crude oil starting December 5, and we covered the possible oil price gap for international buyers with our eighth package of sanctions,” EU energy commissioner Kadri Simson said.
“If the G7 will decide the exact price cap level, we also will need a council mandate for that,” she said on the sidelines of the COP 27 climate summitin Egypt this week.”
In addition, a G7 plan, intended as an add-on to the EU embargo, will allow shipping services providers to help to export Russian oil, but only at enforced low prices.
This is also set to take effect on December 5.