Estonia urged to halve the price ceiling for Russian oil

Such a move will limit Russia’s ability to finance the war in Ukraine, the Estonian Ministry of Foreign Affairs is sure.

To enhance the effect of anti-Russian sanctions, the European Union should halve the upper limit of the price of Russian oil. This was stated by the Minister of Foreign Affairs of Estonia Urmas Reinsalu, writes Bloomberg.

According to him, such a move would limit Russia’s ability to finance the war in Ukraine.

“We must set a ceiling on the price of Russian crude oil so that it does not allow the Russian state to make super profits,” Reinsalu said.

The Estonian Foreign Minister also called on EU leaders to strengthen sanctions against Russian banks and nuclear energy.

Reinsalu noted that Russia’s banking and insurance systems can still operate on the international SWIFT transaction network, while the oil price ceiling should be extended to natural gas as well.

Recall that the Kremlin said that the price ceiling for Russian oil by Western countries was set “quite freely.” Russian oil is already sold cheaper than this limit.

The EU embargo on Russian oil supplied by sea came into force on December 5, 2022. At the same time, the EU, the G7 countries and Australia set a ceiling on Russian oil supplies at $60 per barrel.

In addition, the EU has set two price ceilings for oil products from Russia. Oil products traded at a discount to crude oil have a cap price of $45 per barrel. This category includes, for example, fuel oil.

The second price ceiling at $100 per barrel is set for highly refined petroleum products traded at a premium to crude oil. This group includes gasoline and diesel fuel.

Estonia urged to halve the price ceiling for Russian oil

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