The European Union has finally approved the decision to set the upper limit of oil prices from Russia at $60 per barrel, according to the Official Journal of the EU.

The adopted document says the restrictions apply to crude oil, petroleum oils and petroleum products derived from bituminous rocks, Interfax reported. 

Earlier this week, the price ceiling was approved at the level of the post-EU representatives. Then the final approval procedure began. 

An EU Council communiqué published on Saturday said the restriction comes into force from December 5, 2022 and introduces a transitional period of 45 days for ships carrying crude oil from Russia, purchased and loaded on a ship before December 5, 2022 and unloaded at the final port of destination before January 19, 2023.

The communication also noted that "during such period sea-related services and maritime transport may be provided. There is no similar provision for petroleum products.

According to the agreement of the EU, G7 countries and Australia, the currently fixed ceiling price will change over time. 

The European Union also emphasizes that setting a ceiling price for oil from Russia does not change the previously imposed ban on imports of Russian oil to the EU.