Europe, US introduce price cap for Russian oil products

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.