|Author (Corporate)||Council of the European Union|
|Series Title||Official Journal of the European Union|
|Series Details||L 311I, Pages 8-12|
|Content Type||Blog & Commentary, Legislation, News|
Decision (CFSP) 2022/2369 - adopted by the Council of the European Union on 3 December 2022 - introducing amendments to Decision 2014/512/CFSP concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine.
Council Decision 2014/512/CFSP was adopted in July 2014 and introduced a number of sanctions in response to Russia's actions against Ukraine. In October 2022, the Council adopted Decision (CFSP) 2022/1909 which introduced an exemption from the prohibition to provide maritime transport and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of crude oil or petroleum products which originate in or are exported from Russia, purchased at or below a pre-established price cap agreed by the Price Cap Coalition. That exemption sought to mitigate adverse consequences on energy supply to third countries and reduce price surges driven by extraordinary market conditions, while limiting Russian oil revenues.
This Council Decision sets an oil price cap for crude oil and petroleum oils and oils obtained from bituminous minerals which originate in or are exported from Russia, at $60 per barrel. The level of the cap was established in cooperation with the Price Cap Coalition and became applicable as of 5 December 2022.
The Decision sets the level at which the exemption applies, and introduces a transition period of 45 days for vessels carrying crude oil originating in Russia, purchased and loaded onto the vessel prior to 5 December 2022 and unloaded at the final port of destination prior to 19 January 2023. As the price cap may be periodically reviewed to adapt to the market situation, the Decision also sets a transition period of 90 days after every change in the price cap, to ensure coherent implementation of the price cap by all operators. The Act also introduces an emergency clause which allows the transport of oil beyond the price cap or the provision of technical assistance, brokering services or financing or financial assistance related to the transport, when these are necessary for the urgent prevention or mitigation of an event likely to have a serious and significant impact on human health and safety or the environment, or as a response to natural disasters.
The Council Decision was adopted by the Council of the European Union on 3 December 2022 and published on the same day. The measures were implemented by Council Regulation (EU) 2022/2367.
|Subject Categories||Politics and International Relations|
|Subject Tags||Foreign Policy Instruments|
|Keywords||Oil, Sanctions | Restrictive Measures, War in Ukraine (2022-)
|Countries / Regions||Russia|
|International Organisations||European Union [EU]|