The European Union excluded from its recent sanctions against Russia two ways to obtain oil products with the participation of Russian oil, and Brussels imposed restrictions, including a price ceiling on Russian oil products.
This happened as part of clarifying updates published by the European Commission last Saturday, the day before the restrictions on Russian oil products began to be applied.
According to the instructions of the European Commission, there are two cases of exclusion of Russian oil products from restrictions, namely the price ceiling mechanism:
The first is “If a Russian oil product is processed in a third country by mixing it with a product originating from another country, a new product will be obtained. Therefore, a Russian oil product (which has been blended) loses the status of Russian origin and the price ceiling (condition) does not apply to it.”
Second, “If Russian oil products are substantially transformed (refined) in a third country, they lose their status as products of Russian origin and the price ceiling does not apply to them.”
On February 5, the European ban on the import of Russian oil products came into force, and before that, on December 5, the European Union introduced a ban on the purchase of Russian offshore oil.
Also, the G7 countries introduced a price ceiling for Russian oil products on February 5, and this measure is an instruction to shipping and insurance companies of the group countries to prohibit their services when purchasing Russian oil products by third countries if the price exceeds the established ceiling.
For its part, Moscow has repeatedly confirmed that it will not supply its oil and oil products to countries or organizations that will adhere to the price ceiling, and at the beginning of this month, a decree of the President of the Russian Federation came into force banning Russian companies from supplying oil and oil products from Russia to foreign countries. where contracts require the application of a price ceiling mechanism.
Source: RT+TASS