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EU confirms Russian oil price cap effective as of Dec. 5

03 December 2022 00:20 (UTC +04:00)

European Commission President Ursula von der Leyen confirmed Friday that the recently reached deal on the cap of Russian oil prices will be effective as of December 5, APA reports citing Teletrader.

"Today, the European Union, the G7, and other global partners have agreed to introduce a global price cap on seaborne oil from Russia," von der Leyen said.

The new measure will "strengthen" the outcome of sanctions approved by the bloc while at the same time will reduce Moscow's revenues and "stabilize global energy markets." Besides, she also stressed that this price cap will help “emerging and developing economies."