EU remains careful with oil price caps

The EU has expanded its embargo on Russian crude oil to all oil products as planned and introduced an additional price cap – albeit with a long transition period. An exception has been made for Croatia.

The price cap that the 27 EU states agreed on over the weekend is 100 US dollars per barrel for fuels such as diesel, paraffin and petrol and 45 US dollars for heating oil. However, there is a transitional „wind-down period“ of 55 days until 1 April. There is only an exemption for Croatia in the oil products embargo. The G7 countries have joined the measure. In international commodity trading, a barrel of diesel was recently sold to Europe for the equivalent of about 100 to 120 euros.

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