The head of the European Commission believes that this will help stabilize world energy prices, which will benefit economies.

The agreement of the EU countries to limit oil prices, agreed with the G7 and other partners, will significantly reduce Russia’s profits.

The head of the European Commission, Ursula von der Leyen, wrote about this on Twitter, commenting on today’s agreement on the price limit.

“The EU agreement to cap oil prices, agreed with the G7 and others, will significantly reduce Russia’s revenues. This will help us stabilize global energy prices, which will benefit the economies of developing countries around the world,” Von der Leyen said in a statement.

In the released video commentary, she reminded that the European Union and other partners are introducing a complete ban on sea imports of Russian oil from December 5.

“We must ensure that new and developing countries continue to have access to a certain amount of Russian oil at a limited price,” von der Leyen said.

Restrictions on Russian oil prices: what is known

On December 2, The New York Times, citing Polish negotiator Andrzej Sados, reported that after lengthy negotiations, representatives of European Union countries agreed on a price limit of $60 per barrel that they and their allies will try to set for buyers of Russian oil.

It is also reported that after January 15, this limit will be regularly reviewed depending on changes in oil prices. Yes, it should be at least 5% lower than the current price of non-sanctioned oil on world markets. The final decision has yet to be taken by the Council of the EU.

EU diplomats also agreed to begin another round of sanctions talks this weekend to impose new restrictions on the Russian economy and key individuals. The agreement was key to reaching an agreement on the oil price cap, as several hard-line pro-Ukraine European countries, led by Poland, see the price cap as not sufficiently harmful to Russia’s export revenues.