2 types of Russian oil products excluded from EU price cap

Two types of Russian oil products have been excluded by the EU from the oil price ceiling, Report informs referring to TASS.

If a Russian oil product is processed in a third country by mixing with a product of origin from another country, resulting in a different product <...>, then the Russian oil product is no longer considered to be a product of Russian origin, and the ceiling price does not apply,” reads the statement of the European Commission.

The EU Council approved the decision to introduce a price ceiling on February 4. There are two price levels for Russian petroleum products: one at $45 per barrel for petroleum products that are sold at a discount to crude oil (fuel oil, naphtha), the other at $100 per barrel for petroleum products that are sold at a higher price than crude oil (diesel and kerosene).