EU agrees on price caps on Russian refined oil products

YEREVAN, FEBRUARY 4, ARMENPRESS. European Union countries agreed to set price caps on Russian refined oil products, the Swedish presidency of the EU said on Friday.

EU diplomats said the price caps are $100 per barrel on products that trade at a premium to crude, principally diesel, and $45 per barrel for products that trade at a discount, such as fuel oil and naphtha, Reuters reports. Ambassadors for the 27 EU countries agreed on the European Commission proposal, which will apply from Sunday.