Ministers responsible for European Affairs of Estonia, Lithuania and Poland welcome the agreement on the Oil Price Cap which objective is to limit Russian oil revenues, while mitigating adverse consequences on energy supply to third countries. The initial oil price cap at the level of 60 USD is the result of long negotiation within G7 and EU-27. The Oil Price Cap will ensure the effectiveness of sanctions imposed on Russian oil.

We have made every effort to ensure that the main goal of the Oil Price Cap, which is to limit Russian oil revenues, is achieved. The Oil Price Cap, introduced on our proposal, will be reviewed in every 2 months to respond to developments in the market and to guarantee that the price cap will be at least 5% below the average market price for Russian oil.   We highlight that we will work further to completely stop Russia’s profit from oil sales.

The Oil Price Cap is just one element of our response to Russia’s aggression against Ukraine. We need to continue provide our support to Ukraine by cutting off Russia’s ability to finance the war, including taking into use Russian frozen assets and imposing  effective sanctions. We welcome the President von der Leyen’s statement that the EU is working with full speed on the next package of sanctions against Russia. We reiterate the importance of the swift adoption of the 9^th sanction package.