The EU may set a ceiling on oil prices from Russia in the region of $65-70

The ceiling of prices for Russian oil, which Western countries intend to introduce from December 5, may exceed the previously discussed range of $40-60 per barrel. Now the EU countries are discussing the introduction of a price limit at the level of $60-70 per barrel of oil. 

In addition, the European Union may limit the provision of services to vessels carrying oil at a price above the limit for 90 days. It is worth noting that it was previously planned to introduce such sanctions on a permanent basis.

Recall that back in September, the ministers of the G7 countries (Great Britain, Germany, Italy, Canada, the USA, France and Japan) expressed their intention to impose price restrictions on Russian oil as part of the expansion of sanctions. The price limit will be introduced from December 5 for oil, and from February 5, 2023 – for petroleum products. 

At the same time, a number of European diplomats said that this level ($60-70) of oil prices is too high. And in order to make a final decision on the price ceiling, the consent of all EU countries is necessary. If the parties manage to agree at today's meeting, the results of the negotiations will be announced later on Wednesday. 

Russian President Vladimir Putin, commenting on the West's plans to limit prices for Russian energy resources, said that Russia would not supply oil abroad if it contradicted its own interests.