POST Online Media Lite Edition



 

EU’s embargo on Russian oil shipments, price cap mechanism come into force

Christian Fernsby |
On Monday, the EU’s embargo on Russian oil shipped by sea comes into effect, under which Europe will officially stop importing seaborne Russian oil and will try to introduce an oil price cap at $60 per barrel for countries not party to the deal.

Article continues below




Separately, the European Union, the G7 and Australia will enact a ban on shipping and insurance of Russian oil that costs more than $60 or at least 5% below the market price.

In its turn, Russia is not planning to export its crude under the terms envisaged by the oil price cap, while experts do not rule out that oil prices will exceed $100.

Back in June, the EU agreed its sixth package of sanctions against Russia, including a ban on Russian oil imports by sea from December 5 and refined oil products from February 5.

The Russian oil price cap was announced by G7 foreign ministers in September. Bulgaria will be able to receive seaborne oil and petroleum products from Russia until the end of 2024, and Croatia will buy Russian gas oil through late 2023.

However, a number of European countries will continue to receive Russian pipeline oil supplies. Exemptions are envisaged for those EU members who do not have alternatives to Russian energy because of their geographical location.

Russia has a 11% share on the global oil market and is the world’s second largest crude exporter after Saudi Arabia.

According to the Federal Customs Service, Russia exported 229.9 million metric tons of oil to 36 countries in 2021. China accounted for 70 million metric tons and the EU for 108.1 million metric tons, or 47% of Russian oil exports.

Last year, Russia shipped 118.5 million metric tons of its crude, or almost half of its oil exports, to far abroad by sea.


What to read next

UK energy price cap will be £3,549 per year for average household. Unite says energy firms earning are enormous
UK pubs and brewers send urgent warning of closures
Asia imports more seaborne Russian oil than Europe

First international passenger flight takes off from Auckland Airport following deluge

 
Wheels up on Jetstar flight JQ202 to Sydney this morning marked the return of international passenger travel at Auckland Airport after serious flooding impacted flight operations.
 
 

Latest

Logistics UK reacts to speculation about part-cancellation of HS2 Project
Farmers hold Rail Roko protest in Punjab
TABC President: Tunisia can be platform for exporting energy to Europe
Pakistan's anti narcotics force recovers 51 kg drugs, arrests 9

NEWS

Four dead as floods in New Zealand continue for third day

At least 2 dead, 122 injured as 5.9-magnitude earthquake strikes northwestern Iran
U.S.: Arctic front slides southward
Record rainfall overnight in Auckland causes massive flooding
Drug trafficking network in Italy and Albania taken down
Japan launches intelligence satellite to join fleet in orbit
 

BUSINESS

Germany faces biggest teacher shortage in 50 years, association says

Electricity from renewable sources on the rise in EU
North Carolina: Construction begins on new tower at Asheville Regional Airport
Second weekly decline in active U.S. oil rigs
Australian consumer watchdog launches crackdown on misleading social media influencers
Globalisation redefined as manufacturing moves closer to home
 

Trending Now

Ryanair offers jobs to Flybe staff after airline's collapse

Pakistan's anti narcotics force recovers 51 kg drugs, arrests 9

Iran and Kazakhstan eye increasing annual bilateral trade to $3 billion

Logistics UK reacts to speculation about part-cancellation of HS2 Project


POLITICS

Iran to join Shanghai Cooperation Organization

Iran and Kazakhstan eye increasing annual bilateral trade to $3 billion
Italian Prime Minister in Libya to conclude $8 billion gas deal
EU extends economic sanctions against Russia by six months
Iraq, France agree on energy, security cooperation
MEP from Hungary: European gas price cap would have negative effect on gas markets
 

Today We Recommend

EU launches €100 million Regional Teachers' Initiative for Africa


Highlights 

Milo's Tea Company to create 103 new jobs in Spartanburg County, South Carolina

SK Battery America to open U.S. IT center, create 200 high-tech jobs in Roswell, Georgia

Chipotle Mexican Grill to hire 15,000 workers


COMPANIES

Ryanair offers jobs to Flybe staff after airline's collapse

BioMar sources Benson Hill ingredients to boost sustainability of aquafeed
Milo's Tea Company to create 103 new jobs in Spartanburg County, South Carolina
SK Battery America to open U.S. IT center, create 200 high-tech jobs in Roswell, Georgia
Chipotle Mexican Grill to hire 15,000 workers
Duke Energy begins operation of Idaho’s largest solar plant
 

CAREERS

Foresters Financial Canada president Henry Auyeung to retire

Dollar Bank names Peter Kubiska new chief marketing officer
Bank of South Carolina CEO Fleetwood S. Hassell to retire
Drest appoints Henri Holm as CFO
VC4A introducing Vincent Hoogduijn as CEO
Introhive appoints Lee Blakemore as CEO
 

ECONOMY

U.S. trade deficit for goods soar 8.8% to $90.3b in December

Uzbekistan's economy grows 5.7 pct in 2022
Irish consumer confidence hit seven month high in January
Bank of Canada hikes rates
Singapore’s core inflation at 5.1 pct in December, averaged 4.1 pct for 2022
EU trade with Russia declined strongly
 

EARNINGS

American Express Q4 income $1.6 billion

Chevron Q4 earnings $6.4 billion
Weyerhaeuser Q4 profit decreases
LG slips to loss in Q4
Santa Cruz County Bank Q4 income $10.0 million
American Airlines Q4 revenues up 39.9%
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

New swine fever outbreak confirmed in Gauteng, South Africa

Eurostat releases food price monitoring tool
New Zealand suffers egg supply shortage
Hong Kong suspends import of poultry meat and products from areas in Mexico and Poland
FAO and Japan to help Moldovan rural households overcome multiple crisis effects
African Development Bank to commit $10 billion to make continent world's breadbasket
 

LEADERSHIP

Product images could boost food pantry use

The madness of fast service: I want it now!
How to build a resilient brand
Only 32% of employees believe their pay is fair
Corporate duty waivers limit organic company growth and innovation
Women buy from women, men buy from women and men
 

CRIME

EAO issued third fine for Coastal GasLink project

Dutch central bank fines cryptocurrency exchange Coinbase 3.3 mln euros
Bloomberg to pay $5 million for misleading disclosures about its valuation methodologies for fixed income securities
Italy fines Yoox with over 5 million euro for misleading prices and limitations of right of withdrawal
Nexo agrees to pay $45 million in penalties and cease unregistered offering of crypto asset lending product
Virgin Atlantic fined for operating flights in prohibited airspace
 

Magazine

TRAVEL

IntercityHotel Berlin Airport BER opens

Art After School, the perfect way to spark imagination in your child
The world's biggest food fair in Berlin you don't wanna miss
Largest antiques show comes to small Texas town
Meet and see great artists from across the United States
Address Grand Creek Harbour opens its doors to guests
 

SEA, LAND, AIR

Honda Pilot TrailSport, fully equipped SUV with great ground clearance

2024 Corvette E-ray, electrified 4WD
Jaguar I-PACE is now more distinctive
2023 Toyota Prius expected this January
2023 Lincoln Corsair, advance features and ActiveGlide
Lamborghini Huracán Sterrato, first super sports car for any terrain
 

DESIGN

Curved sofas, elegant and gentle

Solios watches, from nature to luxury
Coats of faux fur, but not of faux style
Redifining kitchen space and experience with workstations
Dinning sofas, a soft addition to a modern dinning table
Patchwork carpets, vintage Persian carpets made with unparalleled skill
 

GADGETS

Harman Luxury Audio introduces new JBL Classic Series

KEF KC62, audio excellence and design ingenuity
Panasonic announces flagship OLED TV MZ2000
McIntosh MC451, 150 Watt vacuum tube and 300 Watt solid state amplifier
Headonia 2A3, luxury headphone amplifier that comes with gloves
ASUS launches ExpertBook B9 for executives
 

HEALTH

Indonesia to start rolling out COVID-19 vaccination for children under 6

Ipsen receives CHMP negative opinion for Palovarotene as treatment for fibrodysplasia ossificans progressiva in EU
Once-daily Sotyktu gets positive opinion as treatment for adults with moderate-to-severe plaque psoriasis
EMA update on shortages of antibiotics in EU
Researchers develop new urine test that can diagnose cancer
India launches 'world's first' intranasal COVID-19 vaccine
 

MEANTIME

NASA system predicts small asteroid to pass close by Earth this week

NASA, Pentagon developing nuclear-powered rocket for Mars
Milky Way found to be too big
Earth's inner core rotation paused
Airbus-built JUICE spacecraft set for lift-off to study Jupiter’s icy moons
Ripples in fabric of universe may reveal start of time