EU chief says oil price cap helps to stabilise global energy prices
Read also: EU agrees $60 cap on Russian seaborne oil
"The EU agreement on an oil price cap, coordinated with G7 and others, will reduce Russia’s revenues significantly," she said.
"It will help us stabilise global energy prices, benefitting emerging economies around the world," she added.
She also recalled the full import ban on Russian seaborn oil is starting from Dec. 5.
"We need to ensure that emerging and developing countries continue to have access to some Russian crude oil at limited prices," von der Leyen said.
Read also: EU finds way to save gas in underground storage facilities amid Moscow’s energy blackmail
The European Union agreed on Dec. 2 to set $60 per barrel cap on Russian seaborne oil.
Poland and the Baltic countries have agreed for a mechanism which allows to review the oil price cap every two months.
Read also: Baltic Pipe gas pipeline from Norway to Poland via Denmark reaches full pumping capacity
If the oil market price falls to a level lower than $60, the cap will automatically be lowered to 5% below that price.
Russia has claimed it won't sell oil to the countries who agreed the cap. According to Bloomberg reports Russia has already lost up to 90% of its key oil market in northern EU countries.
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