6 Dec 2022 13:02

Mechanism for prohibiting use of price cap on Russian oil being finalized, should be in force by end of 2022 - Novak

MOSCOW. Dec 6 (Interfax) - The Russian government and domestic companies are finalizing the mechanism for prohibiting the use of the price cap on Russian oil, Deputy Prime Minister Alexander Novak told reporters.

"It is currently being finalized with the companies," Novak said, expressing confidence that the measure would be implemented before the end of the year.

As previously reported, the European Union on the night of December 3 published the decision on the price cap on Russian oil being approved at $60 per barrel, with the mechanism entering into force on December 5.

Russia has no plans to sell oil to countries that have joined the new procedure.