EU Establishes Transition Period Following Change in Russian Oil Price

The European Union has proposed a 45-day transition period following the announcement of a price cap on Russian oil, according to RT.

"The coalition has suggested adding a 45-day transition period to the implementation of restrictions," Bloomberg reported, citing a document.

It is clarified that the transition period will extend until December 5 for loaded oil, at which time the price cap on oil is expected to be introduced.

It is also proposed that the transition period be applied until January 19, 2023, for unloaded oil.

Previously, the U.S. Treasury Secretary had proposed setting the price cap on Russian oil at around $60.