EU embargo for Russian oil products enters into effect

BRUSSELS: A ban on importing Russian petroleum products, like diesel or gasoline, to the European Union (EU) enters into effect on Sunday.

The measure aims to further limit Russia's revenues from energy sales and therefore its ability to finance its war on Ukraine, reported German Press Agency (dpa).

According to the latest figures from the EU's statistics agency Eurostat, Russia exported petroleum products such as diesel worth more than EUR2.3 billion (US$2.5 billion) to the EU in October. Products worth around EUR558 million went to Germany alone.

The embargo was decided in June as part of the EU's sixth sanctions package on Russia over its invasion of Ukraine, and foresees temporary exemption for some EU countries.

The EU embargo for Russian oil products is to complement an import ban on Russian seaborne crude oil which came into effect from December 5.

In addition to the banning imports to the bloc, the EU, and the G7 countries Japan, Canada, the United Kingdom and the United States have agreed to cap the price of Russian crude oil and petroleum products by only allowing services that facilitate exports to third countries if the Russian goods where sold below certain thresholds.

-- BERNAMA