The new automatic and dynamic mechanism for adjusting the price cap for Russian crude oil came into force on Thursday 15 January.
This new price cap - above which European Union companies are not permitted to participate in transport or provide services associated with Russian oil - will be set, from 1 February, at $44.10 a barrel.
From 15 January, contracts concluded under the old cap can still be performed for a transitional period of 90 days.
As part of the EU’s 18th package of...