The European Union’s embargo on Russian oil products and the price cap in regards to them will not be enforced in case the oil products in question are made from Russian oil in third countries. This clarification of the introduced restrictions was posted on the official European Commission website, Russian media outlet RBC points out.
The price cap will also not be enforced in cases of mixing Russian oil products and products from other countries, the document states. RBC notes that such oil products can be sold with no price limitations and European providers are free to insure and transport them.
The US Treasury Department previously reported that Russian oil products would not be subject to the price cap in case they underwent “a significant transformation” on the territory of another country.
“A significant transformation” could mean distillation, thermal processing, catalytic cracking, alkylation, hydrotreatment, and other methods of energy sources refinement.
The price cap on Russian oil ($60 per barrel), introduced by the EU, has been enforced since 5 December. Similar sanctions on Russian oil products ($100 per barrel of white oil products, $40 for black oil products) have been enforced since 5 February.
