EU expects to be ready for Russia oil price cap Dec. 5 start — officials

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Fri, 2022-11-18 16:51

SHARM EL-SHEIKH: The EU expects to have its regulations completed in time for the introduction of a G7 plan to cap the price of Russian crude oil on Dec. 5 , the organizations’s energy policy chief told Reuters.

The EU will ban Russian crude imports from that date, and Russian oil products from Feb. 5, depriving Russia of oil revenues and forcing one of the world’s top oil producers and exporters to seek alternative markets.

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