Norway has lowered the price cap on Russian oil in line with European Union sanctions, further tightening restrictions on Moscow’s energy revenues.
The Ministry of Foreign Affairs announced the decision on September 5, saying Oslo joined EU countries in reducing the cap from $60 to $47.6 per barrel.
“Oil exports still account for a third of the Russian government’s revenues. Reducing these revenues and increasing pressure on the Russian economy makes it more difficult for the Russian authorities to wage their illegal war in Ukraine,” said Norwegian Foreign Minister Espen Barth Eide.
The new rules prohibit Norwegian companies from importing or purchasing oil and petroleum products above the established cap, which now applies equally to Norway, the EU, and third countries.
The restrictions also ban providing technical assistance, brokerage services, financing, or financial support connected with the trade, brokering, or transportation of crude oil and petroleum products originating from or exported by Russia.
Earlier, it was reported that India will continue purchasing Russian crude oil despite Washington’s 50% tariff on Indian firms, Finance Minister Nirmala Sitharaman said in an interview with News18, cited by Bloomberg on September 5.
She explained that India must base its oil purchases—one of its largest and most costly imports—on what is most beneficial for the country, adding that buying from Russia would certainly continue.
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