The European Union and G7 imposed an embargo and price caps on Russian petroleum products.
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From February 5, 2023, an embargo and price caps on petroleum products produced in Russia were imposed
Russia faced a fresh turn of the sanctions screw, with an embargo on ship deliveries of its refined oil products. The European Union, the Group of Seven industrialised nations and Australia will cap the price of Moscow's refined oil products.
On 5 February 2023, the EU and the G7 agreed to introduce a price cap for Russian petroleum products. The first price cap for petroleum products traded at a discount to crude oil was set at US$45 per barrel, while the second price cap for petroleum products traded at a premium to crude was set at US$100 per barrel.
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Extraction metadata
Extracted: 2026-02-16T21:57:25.751Z
Source story: 3811684-how-to-more-effectively-squeeze-russia-out-of-global-markets