Council Regulation (EU) 2023/250 of 4 February 2023 amending Regulation (EU) No 833/2014 concerning restrictive measures in view of Russia’s actions destabilising the situation in Ukraine

Council Regulation (EU) 2023/250 as regards restrictive measures in view of Russia’s aggression towards Ukraine, particularly in connection with the price cap on crude oil and petroleum products originating from Russia for purposes of delivery to third countries was published in the Official Journal (OJ) of the EU. The Regulation modifies the existing Russian sanction regulation, Council Regulation (EU) No 833/2014, to provide a transitional period for the transport of petroleum products and the provision of related services (trade financing / insurance) that are now subject to the new „discount price cap“ or the new „premium price cap pursuant to concurrently published Commission Implementing Regulation (EU) 2023/251 – please see EventID 19419 in this context for more information. The transition period is thereby set as follows:
All „petroleum products under CN code 2710“ originating from Russia and purchased above the prices stipulated in Commission Implementing Regulation (EU) 2023/251 are exempt from the new price caps so long as they were „loaded onto a vessel at the port of loading prior to 5 February 2023 and unloaded at the final port of destination prior to 1 April 2023“.
Furthermore, new Council Regulation (EU) 2023/250 modifies the 2014 sanction regulation to adjust the review process stipulated in Article 3n, Paragraph 11 to set out a new date for the new review of the functioning of the price caps to mid March 2023. The previous date was set to mid January 2023.