Norway has decided to lower the price cap on Russian oil, synchronizing its sanctions measures with the new restrictions imposed by the European Union. This was reported by the country’s Ministry of Foreign Affairs.
This is reported by Kyiv24
Norway’s Sanctions Align with European Measures
Although Norway is not a member of the EU, it supports the sanctions policy against Russia. The country’s Ministry of Foreign Affairs emphasized that the new decision fully complies with the provisions adopted by the European Union. The changes pertain to the price cap on crude oil from Russia — it is now set at $47.6 per barrel instead of the previous $60.
“Oil exports still account for a third of the Russian government’s revenue. The reduction in income and increased pressure on the Russian economy make it more difficult for the Russian authorities to conduct their illegal war in Ukraine. It is important for Norway, together with our allies, to take measures that can contribute to this,” said Norway’s Foreign Minister Espen Barth Eide in a statement.
Import and Service Provision Restrictions
According to the new rules, the import, purchase, and transfer of Russian oil and petroleum products to Norway, EU countries, and third countries remain prohibited. It is also forbidden to provide technical assistance, brokerage, and financial services related to this trade. Exceptions are made for transactions where crude oil or petroleum products from Russia are purchased at the specified price cap, which is now $47.6 per barrel.
In July, the European Union approved the 18th package of sanctions against the Russian Federation, which includes further reductions to the price ceiling on Russian oil. According to diplomats cited by Reuters, this restriction corresponds to the new limit of $47.6 per barrel set by the G7 countries.