(1)

On 31 July 2014, the Council adopted Regulation (EU) No 833/2014 (2).

(2)

Regulation (EU) No 833/2014 gives effect to certain measures provided for in Council Decision 2014/512/CFSP (3).

(3)

On 6 October 2022, the Council adopted Decision (CFSP) 2022/1909 (4), which introduced an exemption from the prohibition to provide maritime transport and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of crude oil or petroleum products which originate in or are exported from Russia, purchased at or below a pre-established price cap agreed by the Price Cap Coalition. That exemption is intended to mitigate adverse consequences on energy supply to third countries and reduce price surges driven by extraordinary market conditions, while limiting Russian oil revenues.

(4)

On 3 December 2022, the Council adopted Decision (CFSP) 2022/2369 (5), which established the price cap for crude oil, that is the price per barrel at or below which crude oil from Russia is exempt from the prohibition to provide maritime transport of such crude oil to third countries and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport of such crude oil to third countries.

(5)

On 4 February 2023, the Council adopted Decision (CFSP) 2023/252. That Decision establishes two additional price caps for petroleum products, that is the price per barrel at or below which petroleum products from Russia are exempt from the prohibition to provide maritime transport of such products to third countries and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport of such products to third countries: one for petroleum products traded at a discount to crude oil (‘discount to crude oil’) and a second one for petroleum products traded at a premium to crude oil (‘premium to crude oil’).

(6)

Decision (CFSP) 2023/252 introduces a transitional period of 55 days for vessels carrying petroleum products originating in Russia which are purchased and loaded onto the vessel prior to 5 February 2023 and unloaded prior to 1 April 2023.

(7)

Decision (CFSP) 2022/2369 introduced a regular review of the price cap mechanism. As of mid-March 2023, the review should be based on objective data provided by the Commission to the Council every 2 months. The data should include information on the price level of crude oil and refined petroleum products, variations during the reviewed period and reasonable forecasts of the prices in the following period. The Commission will also include relevant data on the expected impact on the Russian budget, on the energy sector and on Member States.

(8)

Those measures fall within the scope of the Treaty and, therefore, in particular with a view to ensuring their uniform application in all Member States, regulatory action at the level of the Union is necessary.

(9)

Regulation (EU) No 833/2014 should therefore be amended accordingly,

(1)

in paragraph 6, the following point is added:

(2)

paragraph 11 is replaced by the following:

(1)

On 31 July 2014, the Council adopted Regulation (EU) No 833/2014.

(2)

Regulation (EU) No 833/2014 gives effect to certain measures provided for in Council Decision 2014/512/CFSP (2).

(3)

Council Decision (CFSP) 2022/1909 (3) introduced an exemption from the prohibition to provide maritime transport and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of crude oil or petroleum products which originate in or are exported from Russia, purchased at or below a pre-established price cap agreed by the Price Cap Coalition. That exemption should mitigate adverse consequences on energy supply to third countries and reduce price surges driven by extraordinary market conditions, while limiting Russian oil revenues.

(4)

Council Decision (CFSP) 2022/2369 (4) introduced the price cap into its Annex XI, that is the price per barrel at or below which crude oil from Russia is exempt from the prohibition to provide maritime transport and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries.

(5)

On 4 February 2023, Council Decision (CFSP) 2023/252 (5) amended Decision 2014/512/CFSP to introduce two additional price caps on petroleum products into its Annex XI, one for petroleum products traded at a discount to crude oil (‘discount to crude oil’) and a second one for petroleum products traded at a premium to crude (‘premium to crude oil’), that is the price per barrel at or below which petroleum products from Russia are exempt from the prohibition to provide maritime transport and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries.

(6)

Annex XXVIII to Regulation (EU) No 833/2014 should therefore be amended accordingly,

(1)

On 31 July 2014, the Council adopted Decision 2014/512/CFSP (1).

(2)

The Union remains unwavering in its support for Ukraine’s sovereignty and territorial integrity.

(3)

On 6 October 2022, the Council adopted Decision (CFSP) 2022/1909 (2), which introduced an exemption from the prohibition to provide maritime transport and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport to third countries of crude oil or petroleum products which originate in or are exported from Russia, purchased at or below a pre-established price cap agreed by the Price Cap Coalition. That exemption is intended to mitigate adverse consequences on energy supply to third countries and reduce price surges driven by extraordinary market conditions, while limiting Russian oil revenues.

(4)

On 3 December 2022, the Council adopted Decision (CFSP) 2022/2369 (3), which established the price cap for crude oil, that is the price per barrel at or below which crude oil from Russia is exempt from the prohibition to provide maritime transport of such crude oil to third countries and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport of such crude oil to third countries.

(5)

In view of the situation, and taking into account the effectiveness of the measure in terms of its expected results, international adherence to and informal alignment with the price cap mechanism, and its potential impact on the Union and its Member States, it is appropriate to introduce two additional price caps for petroleum products, that is the price per barrel at or below which petroleum products from Russia are exempt from the prohibition to provide maritime transport of such products to third countries and the prohibition to provide technical assistance, brokering services or financing or financial assistance, related to the maritime transport of such products to third countries. In particular, it is appropriate to introduce one price cap for petroleum products traded at a discount to crude oil (‘discount to crude oil’) and another price cap for petroleum products traded at a premium to crude oil (‘premium to crude oil’).

(6)

It is also appropriate to introduce a transitional period of 55 days for vessels carrying petroleum products originating in Russia which are purchased and loaded onto the vessel prior to 5 February 2023 and unloaded prior to 1 April 2023.

(7)

Decision (CFSP) 2022/2369 introduced a regular review of the price cap mechanism. As of mid-March 2023, the review should be based on objective data provided by the Commission to the Council every two months. The data should include information on the price level of crude oil and refined petroleum products, variations during the reviewed period and reasonable forecasts of the prices in the following period. The Commission will also include relevant data on the expected impact on the Russian budget, on the energy sector and on Member States. Based on these data, the criteria set out in Article 4p(12) of Decision 2014/512/CFSP and the commitment to adjust the price cap as stipulated therein, the High Representative, with the Commission’s support, will make the necessary proposals.

(8)

It is also appropriate to make certain technical amendments.

(9)

Further action by the Union is needed in order to implement certain measures.

(10)

Decision 2014/512/CFSP should therefore be amended accordingly,

(1)

Article 4o is amended as follows:

(2)

Article 4p is amended as follows:

(3)

the Annexes are amended in accordance with the Annex to this Decision.