A representative of the European Commission affirmed that a price cap on Russian oil which came into force on December 5 in no way affects the previously established European Union embargo on crude oil imports, APA reports citing Teletrader.
"Already in June, the EU adopted a total import ban on all Russian offshore crude oil and oil products. This covered 90% of the oil imports from Russia that we had at that time. The EU’s total import embargo remained unaffected by the G7 oil price cap in early December," the representative told the agency.
Russian President Vladimir Putin responded to the oil price limit by signing a decree yesterday by prohibiting the supply of oil and its derivatives to the nations that introduced the cap.