Norway, following the EU, has lowered the price ceiling on Russian oil.

Norway, as part of sanctions against RUSSIA, has lowered the maximum price for RussianOil prices fell from $60 to $47.6, the country's government reports .

Thus, the authorities have banned the import and transfer of Russian oil and petroleum products to Norway, the EU , and third countries if their price exceeds $47.6. Furthermore, they have banned the provision of brokerage services, technical assistance, and financial assistance related to the trade, brokerage, or transportation of Russian oil to other countries if its price exceeds the ceiling.

"However, such provision of services is permitted for oil or petroleum products purchased at the maximum price set in the regulations. This maximum price for crude oil has been reduced from $60 to $47.6," the statement reads.

The maximum price of $60 per barrel has been in effect since 2022.

A similar decision to lower the price ceiling for Russian oil was previously adopted by the EU Council as part of the 18th package of anti-Russian sanctions. The United Kingdom joined this decision on July 18 .

Russia condemns the introduction of restrictions, considering them illegal.

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