EU: Regulations Will Be In Order Before Russian Oil Price Cap Deadline

The European Union will have its regulations in order before the Russian crude oil price cap and ban goes into effect, the EU’s energy commission told Reuters on Friday. Although the G7 price cap has yet to be quantified. The G7 plan to cap the price of Russian crude oil goes into effect on December 5, and the EU will ban Russian crude oil imports from the same date. The EU will also ban the import of Russian crude oil products starting on February 5.  The US-led price capping mechanism of the G7 and the outright ban from the EU has…