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Prepared by Jakob Feveile Adolfsen, Rinalds Gerinovics, Ana-Simona Manu and Adrian Schmith Published as part of the ECB Economic Bulletin, Issue 2/2023 . New sanctions on Russia’s oil exports have come into effect in recent months, including EU bans on seaborne oil imports from Russia and price caps on Russian oil in response to Russia’s continuing war of aggression in Ukraine. The EU ban on seaborne imports of Russian crude oil entered into force on 5 December 2022, followed by the embargo on refined oil products as of 5 February 2023. In tandem with the EU embargoes, the G7, the EU and partner countries have also prohibited the provision of maritime services [ 1 ] for Russian crude oil shipments and for Russian oil products, unless the oil is being purchased at or below a capped price. [ 2 ] The oil price cap for Russian crude oil was set at USD 60 per barrel, which is currently above the market selling price for the majority of Russian crude oil exports. Two price cap levels were imposed on refined products: one at USD 100 per barrel for petroleum products traded at a premium to crude oil, such as diesel, […]
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