MOSCOW, December 5. /TASS/. On Monday, the EU’s embargo on Russian oil shipped by sea comes into effect, under which Europe will officially stop importing seaborne Russian oil and will try to introduce an oil price cap at $60 per barrel for countries not party to the deal.

Separately, the European Union, the G7 and Australia will enact a ban on shipping and insurance of Russian oil that costs more than $60 or at least 5% below the market price.

In its turn, Russia is not planning to export its crude under the terms envisaged by the oil price cap, while experts do not rule out that oil prices will exceed $100.

Back in June, the EU agreed its sixth package of sanctions against Russia, including a ban on Russian oil imports by sea from December 5 and refined oil products from February 5. The Russian oil price cap was announced by G7 foreign ministers in September. Bulgaria will be able to receive seaborne oil and petroleum products from Russia until the end of 2024, and Croatia will buy Russian gas oil through late 2023.

However, a number of European countries will continue to receive Russian pipeline oil supplies. Exemptions are envisaged for those EU members who do not have alternatives to Russian energy because of their geographical location.

Russia has a 11% share on the global oil market and is the world’s second largest crude exporter after Saudi Arabia. According to the Federal Customs Service, Russia exported 229.9 million metric tons of oil to 36 countries in 2021. China accounted for 70 million metric tons and the EU for 108.1 million metric tons, or 47% of Russian oil exports. Last year, Russia shipped 118.5 million metric tons of its crude, or almost half of its oil exports, to far abroad by sea.