Norway restricts price cap on Russian oil

Norway has lowered the price cap on Russian oil as part of sanctions against the Russian Federation, agreed with the European Union. This was reported by the press service of the Norwegian Ministry of Foreign Affairs, informs UNN.

DetailsIt is noted that in this way Norway joined the EU countries that lowered the price cap on Russian oil from $60 to $47.6 per barrel.

Oil exports still account for a third of the Russian government’s revenue. Reduced revenue and increased pressure on the Russian economy make it more difficult for the Russian authorities to wage an illegal war in Ukraine

It is indicated that Norwegian companies will now no longer be able to import and purchase oil and petroleum products at a price higher than that set for Norway, the EU, and third countries.

In addition, it is prohibited to provide technical assistance, brokerage services, and financial assistance related to trade, brokerage services, or transportation to third countries of crude oil or petroleum products originating from or exported from Russia.

RecallIn July, the EU approved a new package of sanctions against Russia, which includes a revised price cap on Russian oil.

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