Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian Ministry of Health: Two were martyred in Israeli shelling that targeted a besieged house in the town of Qabatiya in Jenin
At least 68 dead in migrant shipwreck off Yemen: IOM
Trump: We want to feed the people in Gaza, we do not want them to starve.
US President Donald Trump: We will impose sanctions on Russia if it does not end the war on Ukraine.
Israeli media: Polls show that 52% oppose Prime Minister Benjamin Netanyahu while only 29% support him.
Israeli media: 32% of Americans still support "Israel's" war on Hamas, while 60% oppose it.
Israeli media: Core US support for "Israel" hits its lowest, while support for Palestine reaches its highest levels.
Al Mayadeen's correspondent reports martyrs, injuries in Israeli bombardment of home in Heker al-Jame area in Deir al-Balah, central Gaza.
Al-Quds Governorate: Today, the spatial division of Al-Aqsa Mosque began in a public and dangerous manner, and we warn of a religious war in the region
The Ministry of Health in Gaza: This brings the total number of victims of famine and malnutrition to 175, including 93 children

EU deal to put a price cap on Russian oil reached: Politico

  • By Al Mayadeen English
  • Source: Agencies + Al Mayadeen English
  • 5 Oct 2022 10:56
  • 1 Shares
4 Min Read

Politico Europe reports that EU member states have reached an agreement on a price cap on Russian oil following previous opposition of Cyprus, Greece and Malta.

  • x
  • EU price cap
    EU to adopt price cap on Russian oil despite the major economic crisis in member states.

Following months of debate, the EU has finally reached an agreement to impose a price cap on Russian oil sales to third countries, in an attempt to block Moscow's use of EU-registered vessels for its oil exports, all while excluding pipeline deliveries from the 8th round of sanctions on Russia, Politico Europe reported on Tuesday.

According to the report, Cyprus, Malta and Greece, which had previously voiced their concern on the matter due to its impact on the shipping industry in the countries, have been promised concessions by Brussels that proposed measures induced through a "monitoring system" to help ease the effects of the embargo that might emerge as a "significant loss of business" if commercial vessels were to resort to reflagging. A final agreement is expected to be reached on Wednesday by EU ambassadors, seven diplomats told Politico on the condition of anonymity.

See more: The cost of the energy crisis in Europe

Earlier, US Assistant Secretary of Treasury for Terrorist Financing and Financial Crimes Elizabeth Rosenberg said the process of determining a price for the Russian oil price cap agreement has begun. Commenting on whether the price has been set for the price cap on Russian oil during a congressional hearing, Rosenberg said, "The process has begun to set the price."

US Treasury Department announced in a guidance document released at the beginning of September that buying considerable amounts of Russian oil above the price cap agreed upon or providing fraudulent data or documentation of the transactions may bring about sanctions enforcement, while G7 finance ministers and central banks stated that the decision to impose price caps on Russian oil was adopted unanimously at a virtual meeting of the group. The price ceiling will go into force on December 5 for crude oil and February 5 for Russian refined goods. Following the G7 decision, the European Commission has already stated that it will take steps to put a price ceiling on Russia's oil by December.

Read more: IMF chief: Harsh winter could lead to social unrest in European states

Related News

CNBC unveils strategic plan to revitalize Syria energy sector with US

Syria to sign deal to import electricity from Turkey, minister says

Putin: No gas, no oil, no coal, nothing

Russian President Vladimir Putin commented on the price cap attempts by stating that Russia will stop supplying oil and gas to countries that impose price ceilings. Capping prices, as some Western countries are considering, "would be an absolutely stupid decision," Putin told the Eastern Economic Forum in the Pacific port city of Vladivostok.

"We will not supply anything at all if it is contrary to our interests, in this case economic (interests)," he said. "No gas, no oil, no coal, no fuel oil, nothing." 

In his turn, Energy Minister Nikolay Shulginov confirmed that Russia refuses to supply any country with natural gas and oil below market price, rejecting the "price cap" idea floated by EU officials as an attempt to force a "cartel deal" on Moscow. The schemed plan is to push soaring energy prices even higher, Shulginov believes, suggesting that the EU leadership does not fully realize what it is doing, “They are no longer aware of what they are doing. Only making it worse for themselves."

See more: Energy bills are becoming more than a month’s salary

Macron warns Europe of consequences next winter if it imposes embargo

Last April, French President Emmanuel Macron stated that If Europe decides to impose a gas embargo on Russia, the consequences would be seen next winter: "We will not see the consequences of this [sanctions against Russian energy resources] in the spring and summer of 2022 [as gas storages have been replenished], but next winter, we will feel them if there is no more Russian gas."

Read more: Vienna heating bill to witness a 50% hike in 2022

The disruptions in supply chains following Russia's operation in Ukraine and the subsequent comprehensive Western sanctions imposed on Russia caused a sharp increase in energy and food prices across the EU. 

  • Energy crisis
  • Europe
  • G7
  • Russia
  • war in Ukraine
  • Oil
  • ukra
  • Price cap
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

A rescued crew member from the ETERNITY C vessel in a video released by the Yemeni Armed Forces on July 28, 2025 (Yemeni Military Media)

Yemen Navy reveals fate of targeted Eternity C ship crew

  • Politics
  • 28 Jul 2025
An Israeli tank explodes following an ambush by al-Qassam Brigades in Gaza, Occupied Palestine, undated (Al-Qassam Military Media)

Al-Qassam strikes Israeli vehicles in Gaza, inflicts casualties

  • Politics
  • 30 Jul 2025
UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
A member of the al-Qassam Brigades, the armed wing of Hamas, takes part in a parade as he celebrates a ceasefire agreement between Hamas and the Israeli regime in Deir al-Balah, Gaza Strip, Sunday, January 19, 2025 (AP)
Politics

Al-Qassam: We’ll allow aid to Israeli captives if Gaza siege ends

Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)
Politics

Exclusive: Resistance key to building state, Georges Abdallah says

United Nations Secretary General Antonio Guterres gives a statement about the situation in Gaza at UN headquarters, Friday, June 27, 2025 (AP)
Politics

UN warns Gaza faces water crisis, looming famine under Israeli siege

Israeli soldiers drive their armored personnel carrier along the Gaza Strip, in southern occupied Palestine, Wednesday, July 30, 2025 (AP)
Politics

Ex-Israeli general says Gaza starvation campaign isolated 'Israel'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS