EU agrees on price cap for Russian oil over Ukraine war

Oct 5, 2022, 3:25 AM | Updated: 5:46 am
FILE - The San Sebastian oil tanker is moored at the docks of the ISAB refinery in Priolo-Gargallo ...

FILE - The San Sebastian oil tanker is moored at the docks of the ISAB refinery in Priolo-Gargallo near Syracuse, Sicily, May 31, 2022. The ISAB is owned by Russia's Lukoil. The U.S. and its allies are navigating questions as they plan to impose a price cap on Russian oil by December. (AP Photo/Gaetano Adriano Pulvirenti, File)

(AP Photo/Gaetano Adriano Pulvirenti, File)

BRUSSELS (AP) — European Union countries agreed Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said.

Diplomats struck the deal in Brussels that also includes curbs on EU exports of aircraft components to Russia and limits on steel imports from the country, according to an official statement from the Czech rotating EU presidency.

The 27-nation bloc will impose a ban on transporting Russian oil by sea to other countries above the price cap, which the Group of Seven wealthy democracies want in place by Dec. 5, when an EU embargo on most Russian oil takes effect. A specific price for the future cap has yet to be defined.

A deal on the price cap was not easy to reach because several EU countries were worried it would damage their shipping industries. More details about the sanctions will be published as soon as Thursday.

The new package of sanctions was proposed by European Commission President Ursula von der Leyen last week amid heightened security concerns over Russian President Vladimir Putin’s nuclear threats and his annexation of parts of Ukraine.

“We have moved quickly and decisively,” von der Leyen said as she welcomed the deal. “We will never accept Putin’s sham referenda nor any kind of annexation in Ukraine. We are determined to continue making the Kremlin pay.”

The new sanctions also include an “extended import ban” on goods such as steel products, wood pulp, paper, machinery and appliances, chemicals, plastic and cigarettes, the Czech presidency said.

A ban on providing IT, engineering and legal services to Russian entities will also take effect.

The package, which will also include new criteria for sanctions circumvention, builds on already-unprecedented European sanctions against Russia as a result of its invasion of Ukraine in February.

EU measures to date include restrictions on energy from Russia, bans on financial transactions with Russian entities, including the central bank, and asset freezes against more than 1,000 people and 100 organizations.

The 27-nation bloc already agreed to ban Russian oil that comes by sea, not pipeline, but some member countries still require Russian supplies at low prices. Hungary, which has questioned the efficiency of the previous measures and earlier said it could not support further energy sanctions, said it has been granted exemptions from any new steps that would have put its energy security at risk.

The EU’s planned ban on most Russian oil products could force Russia to lower prices to find new customers. OPEC oil-producing countries are meeting Wednesday to discuss cutting production to boost oil prices, which would help Russia.

___

Associated Press writer Angela Charlton in Paris contributed to this report.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Georgia Sen. Raphael Warnock campaigns on Sept. 2, 2022, in Atlanta with other members of historica...
Associated Press

In Georgia, how sports explain a political battleground

SMYRNA, Ga. (AP) — The reception area of a metro Atlanta office suite is a veritable museum of Herschel Walker’s football success for the University of Georgia Bulldogs and the NFL. The office is part of the Atlanta Braves’ real estate development in the Major League Baseball franchise’s new suburban home. This headquarters for Georgia’s […]
8 hours ago
Sterling Sheffield, an assistant professor of Speech, Language, and Hearing Sciences at the Univers...
Associated Press

FDA change ushers in cheaper, easier-to-get hearing aids

It’s now a lot easier — and cheaper — for many hard-of-hearing Americans to get help. Hearing aids can now be sold without a prescription from a specialist. Over-the-counter, or OTC, hearing aids started hitting the market in October at prices that can be thousands of dollars lower than prescription hearing aids. About 30 million […]
8 hours ago
FILE - Light illuminates part of the Supreme Court building at dusk on Capitol Hill in Washington, ...
Associated Press

Supreme Court weighs ‘most important case’ on democracy

WASHINGTON (AP) — The Supreme Court is about to confront a new elections case, a Republican-led challenge asking the justices for a novel ruling that could significantly increase the power of state lawmakers over elections for Congress and the presidency. The court is set to hear arguments Wednesday in a case from North Carolina, where […]
8 hours ago
In this photo released by Xinhua News Agency, an image captured off a screen at the Jiuquan Satelli...
Associated Press

3 Chinese astronauts return to Earth after 6-month mission

BEIJING (AP) — Three Chinese astronauts landed in a northern desert on Sunday after six months working to complete construction of the Tiangong station, a symbol of the country’s ambitious space program, state TV reported. A capsule carrying commander Chen Dong and astronauts Liu Yang and Cai Xuzhe touched down at a landing site in […]
8 hours ago
FILE - The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of...
Associated Press

No OPEC+ oil shakeup as Russian price cap stirs uncertainty

FRANKFURT, Germany (AP) — The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market. The decision at a meeting of oil ministers […]
8 hours ago
Associated Press

Police: Vandalism suspected in North Carolina power outage

MOORE COUNTY, N.C. (AP) — Authorities in North Carolina believe vandalism may have caused a power outage that affected thousands of customers Saturday night. A mass power outage in several communities beginning just after 7 p.m. Saturday “is being investigated as a criminal occurrence,” the Moore County Sheriff’s Office said in a Facebook post. “As […]
8 hours ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
(Desert Institute for Spine Care photo)...
DESERT INSTITUTE FOR SPINE CARE

Why DISC is world renowned for back and neck pain treatments

Fifty percent of Americans and 90% of people at least 50 years old have some level of degenerative disc disease.
...
SCHWARTZ LASER EYE CENTER

Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.
EU agrees on price cap for Russian oil over Ukraine war