European Union countries agreed to set price caps on Russian refined oil products to limit Moscow's funds for its invasion of Ukraine, the EU said on February 3. EU diplomats said the price caps are $100 per barrel on products that trade at a premium to crude, principally diesel, and $45 per barrel for products that trade at a discount, such as fuel oil. Ambassadors for the 27 EU countries agreed on the European Commission proposal, which will apply from February 5. The price caps follow a $60 per barrel cap on Russian crude that the Group of Seven leading industrialized nations imposed on December 5. To read the original story by Reuters, click here.
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