EU’s eight package of sanctions against Russia imposed oil price cap
On 6 October 2022, the 8th sanctions package against Russia was adopted. It introduced new limitations such as extending lists of professional services banned for Russian entities or the Russian Government, products subject to import and export restrictions, and designated individuals and entities.
Besides all new restrictions, the 8th sanctions package implemented an oil price cap, which allows European operators to undertake and support the transport of Russian oil to third countries if the purchase price remains under prescribed cap.
Besides all new restrictions, the 8th sanctions package implemented an oil price cap, which allows European operators to undertake and support the transport of Russian oil to third countries if the purchase price remains under prescribed cap.