The EU announced the joining of Australia and Japan to the price cap on Russian oil.
Australia, Japan, and New Zealand have joined the European mechanism for the price cap on Russian oil. This conclusion follows from the text of the 19th package of sanctions by the European Union, published on the EU Council's website.
The cap has been set at a maximum price of $47.6 per barrel. Meanwhile, the limit for the United States remains at $60 per barrel. In both cases, this refers to a ban on the transportation and insurance of shipments of Russian oil sold at a higher price.
The European Union reduced the cap by nearly a quarter in September. By October, the price of the main Russian export grade oil, Urals, loading at the port of Primorsk, fell below this threshold; however, this trend was due to a decline in global oil prices.
Since Donald Trump took office as president, the United States has refused to adopt new or tighten existing sanctions against Russia's oil and gas sector, which was also reflected in the situation with the price cap. However, just recently, Washington imposed restrictive measures for the first time against the two largest oil companies in Russia due to what the U.S. Treasury noted as "Moscow's lack of serious interest in the peace process."
