The cap was approved at $100 for gasoline and diesel fuel, and $45 for discounted oil products.
The European Union and Washington officially approved the price ceiling for oil products produced in Russia.
The European Commission said in a statement that the EU Council has set "two price ceilings for petroleum products”: $45 for low value-added products and $100 for diesel and gasoline.
The US Treasury also issued an order to introduce the price cap. In addition, a ban will be introduced on the seaborn products and the provision of related services in case of non-compliance with the imposed restrictions.
The both decisions are coming into force on February 5.
