EU agrees on price cap for Russian oil over Ukraine war

Oct 4, 2022, 3:25 PM | Updated: Oct 5, 2022, 5:56 am
FILE - The San Sebastian oil tanker is moored at the docks of the ISAB refinery in Priolo-Gargallo ...

FILE - The San Sebastian oil tanker is moored at the docks of the ISAB refinery in Priolo-Gargallo near Syracuse, Sicily, May 31, 2022. The ISAB is owned by Russia's Lukoil. The U.S. and its allies are navigating questions as they plan to impose a price cap on Russian oil by December. (AP Photo/Gaetano Adriano Pulvirenti, File)

(AP Photo/Gaetano Adriano Pulvirenti, File)

BRUSSELS (AP) — European Union countries agreed Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said.

Diplomats struck the deal in Brussels that also includes curbs on EU exports of aircraft components to Russia and limits on steel imports from the country, according to an official statement from the Czech rotating EU presidency.

The 27-nation bloc will impose a ban on transporting Russian oil by sea to other countries above the price cap, which the Group of Seven wealthy democracies want in place by Dec. 5, when an EU embargo on most Russian oil takes effect. A specific price for the future cap has yet to be defined.

A deal on the price cap was not easy to reach because several EU countries were worried it would damage their shipping industries. More details about the sanctions will be published as soon as Thursday.

The new package of sanctions was proposed by European Commission President Ursula von der Leyen last week amid heightened security concerns over Russian President Vladimir Putin’s nuclear threats and his annexation of parts of Ukraine.

“We have moved quickly and decisively,” von der Leyen said as she welcomed the deal. “We will never accept Putin’s sham referenda nor any kind of annexation in Ukraine. We are determined to continue making the Kremlin pay.”

The new sanctions also include an “extended import ban” on goods such as steel products, wood pulp, paper, machinery and appliances, chemicals, plastic and cigarettes, the Czech presidency said.

A ban on providing IT, engineering and legal services to Russian entities will also take effect.

The package, which will also include new criteria for sanctions circumvention, builds on already-unprecedented European sanctions against Russia as a result of its invasion of Ukraine in February.

EU measures to date include restrictions on energy from Russia, bans on financial transactions with Russian entities, including the central bank, and asset freezes against more than 1,000 people and 100 organizations.

The 27-nation bloc already agreed to ban Russian oil that comes by sea, not pipeline, but some member countries still require Russian supplies at low prices. Hungary, which has questioned the efficiency of the previous measures and earlier said it could not support further energy sanctions, said it has been granted exemptions from any new steps that would have put its energy security at risk.

The EU’s planned ban on most Russian oil products could force Russia to lower prices to find new customers. OPEC oil-producing countries are meeting Wednesday to discuss cutting production to boost oil prices, which would help Russia.

___

Associated Press writer Angela Charlton in Paris contributed to this report.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

European Commission President Ursula von der Leyen applauds during a ceremony marking the 70th anni...
Associated Press

EU seeks specialized court to investigate Russia war crimes

BRUSSELS (AP) — The European Union proposed Wednesday to set up a U.N.-backed specialized court to investigate possible war crimes committed by Russia in Ukraine, and to use frozen Russian assets to rebuild the war-torn country. European Commission president Ursula von der Leyen said in a video message that the EU will work with international […]
1 day ago
Associated Press

Raimondo: US isn’t seeking to sever economic ties with China

WASHINGTON (AP) — The United States isn’t seeking to sever economic ties with China — even as Washington takes steps to protect America’s technological and military prowess from Beijing, U.S. Commerce Secretary Gina Raimondo said. Speaking to reporters in advance of a speech Wednesday on the Biden administration’s China policy, Raimondo said: “We’re not seeking […]
1 day ago
Associated Press

Russian, Chinese bombers fly joint patrols over Pacific

MOSCOW (AP) — Russian and Chinese strategic bombers on Wednesday flew a joint patrol over the western Pacific in a show of increasingly close defense ties between the two countries. The Russian Defense Ministry said that the Tu-95 bombers of the Russian air force and the Chinese H-6K bombers flew over the Sea of Japan […]
1 day ago
Same-sex couples speak to media at Tokyo metropolitan government as the Japanese capital starts ack...
Associated Press

Tokyo court: Lack of law for same-sex union unconstitutional

TOKYO (AP) — Japan’s lack of law to protect the rights of same-sex couples to marry and become families violates the constitution, the Tokyo District Court ruled Wednesday in a closely watched case in a country still largely bound by traditional gender roles and family values. The court, however, said the government’s lack of legislative […]
1 day ago
Associated Press

Syria receives cholera vaccines ahead of inoculation drive

DAMASCUS, Syria (AP) — Syria has received two million doses of cholera vaccines, the first to reach the country during a months-long outbreak, the country’s health ministry said Wednesday. The war-torn country has been suffering from a cholera outbreak since September and has struggled to contain it due to its devastated water and health infrastructure. […]
1 day ago
Associated Press

Low-cost fashion chain H&M to cut 1,500 jobs worldwide

STOCKHOLM (AP) — Low-cost fashion brand H&M said Wednesday that it will be reducing its global workforce by around 1,500 positions as part of a plan to reduce costs and further improve efficiency. The Sweden-based company said a restructuring charge of 800 million kronor ($76 million) will be booked in the last three months of […]
1 day ago

Sponsored Articles

SHIBA WA...

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Work at Zum Services...

Seattle Public Schools announces three-year contract with Zum

Seattle Public Schools just announced a three-year contract with a brand-new company to the Pacific Northwest to assist with their student transportation: Zum.
Swedish Cyberknife 900x506...

June is Men’s Health Month: Here’s Why It’s Important To Speak About Your Health

According to the Centers for Disease Control and Prevention, men in the United States, on average, die five years earlier than women.
EU agrees on price cap for Russian oil over Ukraine war