EU agrees on price cap for Russian oil over Ukraine war

KIFI

Published October 5, 2022 4:25 AM

By SAMUEL PETREQUIN
Associated Press

BRUSSELS (AP) — European Union countries have agreed to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine. The sanctions announced Wednesday also include curbs on EU exports of aircraft components to Russia and limits on Russian steel imports. The EU will impose a ban on transporting Russian oil by sea to other countries above the price cap, which the Group of Seven wealthy democracies want in place by Dec. 5, when an EU embargo on most Russian oil takes effect. A specific price for the future cap has yet to be defined.

Article Topic Follows: AP National Business

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