The European Union reached an agreement to set a ceiling for the prices of Russian oil derivatives

Sweden, which holds the rotating presidency of the European Union, announced that the 27 member states of the bloc had reached an agreement on setting a ceiling for the prices of Russian oil derivatives.

Swedish officials said on Twitter that “the ambassadors of the member states of the European Union agreed today to set ceilings for the prices of petroleum products before their final approval by the European Council,” which includes the leaders of the bloc’s countries.

The latest move is part of international efforts to target Moscow’s main exports to curb the arsenal that Russian President Vladimir Putin is using to support his war on Ukraine.

In December, the European Union imposed an embargo on Russian crude that arrives by sea and, with its G7 partners, set a ceiling of $60 a barrel on exports around the world.

The second EU-wide ban is expected to come into effect from Sunday. It targets Russian refined oil products such as petroleum, diesel and heating fuel shipped by sea.

At the same time, the European Union and the Group of Seven agreed to impose a ceiling on the prices of Russian shipments of these products to world markets.

The move is based on setting a ceiling for the price of fuel that can be transported on European ships.

Sweden stressed that the price ceiling is “an important agreement that falls within the framework of the ongoing response of the European Union and its partners to the Russian war against Ukraine.”

It did not detail the specific price levels for each oil derivative product. EU officials are expected to brief reporters on the matter later on Friday.