• <a fr-original-style="" href="https://apnews.com/article/european-union-russia-government-moscow-europe-china-a855facf78132a8805c9ba52dd0fab60" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">EU countries</a> agreed on a European Commission proposal to set price caps on Russian refined oil products to limit Moscow's ability to fund its invasion of Ukraine, the Swedish presidency of the bloc said on Friday. Brussels said the price caps —which will apply from Sunday— are $100 per barrel for diesel and $45 per barrel for fuel oil and naphtha.<ul fr-original-style="padding-inline-start: 20px;" style="padding-inline-start: 20px; margin-top: 0px; margin-bottom: 1em; list-style-position: inside; box-sizing: border-box;"><li fr-original-style="" style="box-sizing: border-box;">A step back: The price caps are part of a broader agreement among the G7 and follow a <a fr-original-style="" href="https://www.reuters.com/business/energy/eu-agrees-price-caps-russian-oil-products-2023-02-03/" rel="noopener noreferrer" style="color: rgb(9, 9, 9); text-decoration: none; background-color: transparent; outline: none; cursor: pointer; transition: color 0.3s ease 0s; touch-action: manipulation; user-select: auto; box-sizing: border-box;" target="_blank">$60 per barrel cap on Russian crude</a> that G7 countries imposed on Dec. 5. Both caps prohibit Western insurance and shipping companies from financing, insuring, trading, brokering or carrying cargoes of Russian crude and oil products unless they were bought at or below the set price caps.</li></ul>

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