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European Union mulls $100 a barrel price cap for Russia diesel exports

The EU and G-7 want to impose the limits on Russian exports to third countries

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2 min read Last Updated : Jan 28 2023 | 1:09 AM IST

The European Union is floating a plan to cap the price of Russian diesel at $100 a barrel — a level that might help to stave off the very worst effects of a fuel-imports ban that the bloc will impose on Moscow in 10 days’ time.

The EU’s executive arm is considering cap levels after the G-7 nations offered a price range based in part on the existing cap on Russian crude oil. The thresholds are expected to apply from February 5, the same date as the EU will ban almost all imports of refined Russian products as punishment for the nation’s invasion of Ukraine.

The EU and G-7 want to impose the limits on Russian exports to third countries, whose companies would only be able to access key western services if they comply. The $100-a-barrel cap would apply to products like diesel that trade at a premium to crude, according to sources. A lower $45 threshold would be set for discounted ones like fuel oil. The figures can change du