Permanent representatives of EU countries agreed on new sanctions against Russia

Permanent representatives of the EU countries agreed on new sanctions against Russia, providing for a ceiling on oil prices. The eighth package of sanctions also introduces a ban on the purchase of certain types of steel products, plastics and chemicals from Russia and on the provision of IT and legal services to Russian organizations.

The parameters of the oil ceiling will still be specified, the eighth package of sanctions should lay the legal basis for it. The restrictions will not affect pipeline supplies, according to the Hungarian Foreign Ministry. And for Malta, Greece and Cyprus, whose tanker fleet carries most of the Russian oil, some concessions may be provided, writes Politico.

Russia and Saudi Arabia have already prepared an asymmetric response to the oil price ceiling – according to the FT and Bloomberg , at the next monthly meeting on Wednesday, OPEC + will announce an unplanned significant cut in production, which should raise oil prices. We talked about this in more detail here .

For the Russian authorities, the decision of OPEC + to cut production after several months of falling oil prices will come in handy. In September, the price of Russian Urals fell by 8.67%. At the same time, production in the first month of autumn after the August decline recovered .

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