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Category: Press Releases

  • PRESS RELEASE : Foreign partners continue to join the “Grain from Ukraine” initiative of the President [November 2022]

    PRESS RELEASE : Foreign partners continue to join the “Grain from Ukraine” initiative of the President [November 2022]

    The press release issued by the President of Ukraine on 28 November 2022.

    As part of the Grain from Ukraine humanitarian program launched by President of Ukraine Volodymyr Zelenskyy on November 26 during the founding International Summit on Food Security, more than 30 countries and international organizations have already declared their support for this important project.

    Japan and the Republic of Korea announced joining the initiative by providing financial assistance.

    In particular, Austria, Belgium, Bulgaria, Great Britain, Greece, Estonia, the EU, Ireland, Spain, Italy, Canada, Qatar, Latvia, Lithuania, the Netherlands, Germany, Norway, Poland, Portugal, Romania, Slovenia, USA, Türkiye, Hungary, Finland, France, Croatia, Czech Republic, Switzerland, Sweden, as well as NATO and the UN announced the financial, technical or logistical contribution to the initiative.

    In total, more than 180 million U.S. dollars have already been accumulated within the program.

    The collected funds will be used to supply Ukrainian food to countries in Africa and Asia that suffer from famine the most.

    The Grain from Ukraine initiative remains open for other countries to join during the entire period of its work.

    Ukraine, together with its partners, will continue to make efforts to expand the circle of project participants.

    Together, we demonstrate that the elements of the Ukrainian Peace Formula, one of which is global food security, are rational and effective, and they can and should be implemented in the interests of Ukraine and the whole world.

  • PRESS RELEASE : President held a meeting with the foreign ministers of the seven Baltic and Northern European states [November 2022]

    PRESS RELEASE : President held a meeting with the foreign ministers of the seven Baltic and Northern European states [November 2022]

    The press release issued by the President of Ukraine on 28 November 2022.

    President of Ukraine Volodymyr Zelenskyy held a meeting with Ministers of Foreign Affairs of Estonia – Urmas Reinsalu, Iceland – Þórdís Kolbrún R. Gylfadóttir, Latvia – Edgars Rinkēvičs, Lithuania – Gabrielius Landsbergis, Norway – Anniken Huitfeldt, Finland – Pekka Haavisto and Sweden – Tobias Billström.

    The Head of State noted that the joint visit of the foreign ministers of the seven Baltic and Northern European states is an important signal of strong support and solidarity of the partner countries with Ukraine, especially in times of the most serious challenges.

    “Probably, this is the first time we are hosting you in Ukraine in such a broad composition. We do it with pleasure. We are extremely glad that you are on the side of the truth, on the bright side in this war – on the side of Ukraine and our struggle for independence and freedom,” stressed Volodymyr Zelenskyy.

    The President of Ukraine thanked the Baltic and Northern European countries for their consistently active and effective support to our state in protecting its territorial integrity and independence.

    Volodymyr Zelenskyy noted, in particular, the significant defense, financial and humanitarian assistance of the Baltic and Northern European partners in the face of Russia’s full-scale armed aggression.

    “We especially appreciate the support for the strength of the Armed Forces of Ukraine, medical aid and rehabilitation of our wounded, conducting educational and training missions, which are so important for the Ukrainian military, and support for the forced migrants from Ukraine who went abroad because of the war,” the President emphasized.

    The Head of State drew special attention to the challenges of the winter period and Russia’s terror aimed at the civilian energy sector. In this regard, the critical need to provide Ukraine with modern anti-aircraft and anti-missile defense systems and the need for urgent support of our country’s energy system was separately noted.

    The parties emphasized the importance of further increasing sanctions pressure on Russia, as well as coordinated work on the creation of a Special Tribunal to investigate the crime of Russian aggression and a mechanism of compensation for damages caused by Russia’s aggression against Ukraine.

    Volodymyr Zelenskyy thanked the partners for their firm support for Ukraine’s European integration aspirations, in particular with the aim of starting negotiations on joining the European Union as soon as possible, and also noted the importance of further assistance in the implementation of our country’s strategic course towards NATO membership.

    The President of Ukraine emphasized the importance of the participation of the relevant states in the implementation of the Ukrainian humanitarian initiative Grain from Ukraine and the important role of the financial contribution of each partner to ensuring food security in the world.

  • PRESS RELEASE : Joint Statement following the inaugural International Summit on Food Security [November 2022]

    PRESS RELEASE : Joint Statement following the inaugural International Summit on Food Security [November 2022]

    The press release issued by the President of Ukraine on 26 November 2022.

    Article 25 of the Universal Declaration of Human Rights states that everyone has the right to a standard of living adequate for the health and well-being of himself and his family, including food.

    We strongly believe that this right, not a privilege, is inalienable for all people, for all countries along with the right to life and liberty. Every country must be reliably protected from famine.

    At the same time, any state that provokes famine and tries to make access to food a privilege must face the toughest reaction from the world.

    Since the beginning of the full-scale invasion by the Russian Federation against Ukraine, the world market has received 10 million tonnes of agricultural products less than in the same period last year. This means that the food security of millions of people around the world is seriously threatened.

    These are just the initial consequences of the Russian blockade of the Ukrainian ports and Russia’s attempts to use missile strikes to prevent Ukraine from building new export logistics. Moscow’s actions deserve strong condemnation and must result in bringing those responsible to account.

    However, even in such conditions, Ukraine in cooperation with international partners is actively engaged in search for ways to provide agricultural products to those in need. In particular, by supporting Somalia, Ethiopia, the Republic of the Sudan, Yemen, Kenya and Nigeria, and continuing grain exports to Africa, Asia, Europe, and the American continent.

    Ukraine has always been and remains a reliable contributor to global food supplies and partner of the UN World Food Programme, supporting, in the spirit of global solidarity, efforts aimed at achieving food security and improved nutrition throughout the world.

    Taking into consideration that approximately 70 million socially unprotected people, particularly from Africa and Asia, are at risk of hunger according to the UN statistics,

    noting the fact of the full-scale invasion of Ukraine by Russia, which will cause food insecurity for millions of people around the world, with Africa suffering the most,

    pointing out the deliberate months-long blockade of Ukraine’s ports by Russia, which has put hundreds of millions of people around the world on the verge of hunger, as well as Russia’s repeated attempts to block the Black Sea Grain Initiative to continue blackmailing the world with interrupting the food supplies to achieve its aggressive and revisionist aims, emphasizing the role of Ukraine as an essential guarantor to the global food security and the effective operation of the Black Sea Grain Initiative, which has sent more than 10 million tonnes of grain worldwide, including the countries that were most affected by hunger,

    We underscore the necessity to act persistently and in coordination to achieve the goals of the 2021 Food Systems Summit, as well as to respond to immediate humanitarian needs and build more resilient agriculture and food systems.

    We recall the United Nations General Assembly resolution “State of Global Food Insecurity” adopted on 23 May 2022 that called on the international community to urgently support countries affected by the food security crisis through coordinated action.

    We welcome the initiative of the Secretary-General to establish a Global Crisis Response Group on Food, Energy, and Finance; and call upon Member States and other relevant stakeholders to support the functioning of food, agriculture supply chains and keep trade channels and markets open for the deliveries of food.

    We welcome the EU-Ukraine Solidarity Lanes, which have facilitated the export of over 17 million tonnes of Ukrainian agricultural goods since May by road, rail and through Black Sea and Danube ports. Together, the Solidarity Lanes and the Black Sea grain initiative have taken more than 28 million tonnes of Ukrainian grain, oilseeds and related products to world markets, including to the countries most in need. We welcome the further boosting of the Solidarity Lanes by the European Commission, working with partner Financial Institutions (the European Investment Bank, the European Bank for Reconstruction and Development, and the World Bank), which have mobilised EUR 1 billion of additional funding.

    We condemn Russia’s aggression aimed at the destruction of the civil infrastructure of Ukraine and global food security.

    We strongly urge the Russian Federation to stop its brutal war of aggression against Ukraine and to restore its territorial integrity by fully withdrawing all military units from entire territory of Ukraine within its internationally recognized borders.

    We call for support of attempts of Ukraine, Türkiye, and the UN to prolong the Black Sea Grain Initiative and continue to provide food supplies for the countries that are most affected by hunger.

    We welcome continuous joint efforts of the international community to prioritize global food security and to support multilateral efforts in finding acceptable solutions to the crisis.

    With this aim, today we support the initiative of Ukraine and we are launching the Humanitarian Program “Grain from Ukraine” which will establish the framework to deliver Ukrainian food to the countries of Africa and Asia, which are most affected by hunger.

    We set an ambitious and important goal for ourselves and invite other states and socially responsible businesses to support the implementation of this Humanitarian Program, particularly by financing the shipment of grain for the needs of Africa and Asia.

    We are convinced that we will jointly overcome the grave humanitarian and economic consequences of the global food crisis caused by Russia’s aggressive war against Ukraine.

  • PRESS RELEASE : UK announces additional £4.5 million funding for the Rohingya crisis in Bangladesh [December 2022]

    PRESS RELEASE : UK announces additional £4.5 million funding for the Rohingya crisis in Bangladesh [December 2022]

    The press release issued by the Foreign Office on 11 December 2022.

    The United Kingdom is contributing an additional £4.5 million to sustain the Rohingya refugee response in Bangladesh, lifting its funding from the start of the crisis in August 2017 to a total of £345 million. This additional support to WFP (£3m) and UNICEF (£1.5m) will provide food, water, sanitation, and child protection to Rohingya refugees and host communities in Cox’s Bazar and Bhasan Char.

    British High Commissioner Robert Chatterton Dickson said

    “The UK remains committed to supporting Rohingya refugees and their host communities in Bangladesh. This new UK assistance will provide vital food, water, sanitation, and protection to Rohingya refugees and host communities in Cox’s Bazar and Bhasan Char.

    “The UK continues to push for a long-term solution that will enable the Rohingya to return to Myanmar on a safe, voluntary and dignified basis, when the conditions there allow. We will continue to provide support to the Rohingya whilst they remain in Bangladesh.”

    This new UK support will provide

    • Food assistance to 219,000 Rohingya refugees
    • Water, sanitation and hygiene facilities for 46,000 Rohingya refugees
    • 8,500 menstrual hygiene kits for Rohingya women and adolescent girls
    • Protection support to 1,500 children and adolescents from the refugee camps and host communities
  • PRESS RELEASE : President of Ukraine met with the Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom [November 2022]

    PRESS RELEASE : President of Ukraine met with the Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom [November 2022]

    The press release issued by the President of Ukraine on 25 November 2022.

    President of Ukraine Volodymyr Zelenskyy held a meeting with Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom James Cleverly who was on a visit to our country.

    “Your visit is taking place against the background of a large-scale Russian missile attack, which left all of Ukraine without electricity and water. But that didn’t stop you. Thank you,” the President emphasized.

    The Head of State highly appreciated the unwavering support for Ukraine and all our people from Great Britain. He separately thanked the British government for defense aid to our country, which this year reached 2.3 billion pounds. During the meeting, the Secretary of State was also informed about the urgent defense needs of Ukraine.

    “We know that you are our friends and partners, and you are with us at this crucial time. Ukrainians will never forget this,” Volodymyr Zelenskyy emphasized.

    The President of Ukraine informed the Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom about the consequences of Russian terrorist attacks on critical civil infrastructure facilities and emphasized the importance of assistance provided by  the British side for the reconstruction of key energy facilities that were destroyed as a result of shelling by the aggressor.

    The Head of State drew James Cleverly’s attention to the Grain from Ukraine initiative to provide food aid to the countries that suffer the most from famine. Volodymyr Zelenskyy emphasized that Ukraine is willing to continue making a significant contribution to guaranteeing global food security.

    The President thanked for the support from official London for the resolution of the UN General Assembly regarding the compensation mechanism for damages caused to Ukraine by the aggression of the Russian Federation. He also expressed hope that the British side would support the initiative to create a special international tribunal for the crime of aggression against Ukraine.

    Volodymyr Zelenskyy emphasized the importance of Great Britain’s adoption of a decision to recognize the Holodomor as genocide of the Ukrainian people.

    “It is important to do this right now, when Ukrainians are commemorating the 90th anniversary of the Holodomor,” the Head of State said.

  • PRESS RELEASE : Ukraine needs an air shield and reliable security guarantees – Andriy Yermak at the meeting of the Ukraine-NATO Commission [November 2022]

    PRESS RELEASE : Ukraine needs an air shield and reliable security guarantees – Andriy Yermak at the meeting of the Ukraine-NATO Commission [November 2022]

    The press release issued by the President of Ukraine on 25 November 2022.

    A reliable and effective air and missile defense system of Ukraine can be integrated with NATO and European systems in the future. This was stated by Head of the President’s Office Andriy Yermak during the meeting of the Ukraine-NATO Commission, which was held in the format of a video conference.

    He recalled that at the end of September, President Volodymyr Zelenskyy, together with the Speaker of the Ukrainian Parliament and the Prime Minister, submitted an official application for Ukraine’s membership in NATO. This application means that our country once and for all rejected the option of neutrality or non-aligned status. This is also a demand of Ukrainian society, as about 90% of Ukrainians support joining the Alliance.

    “We believe that soon Ukraine will be ready to start the accession process, having passed the MAP in terms of compliance with Alliance standards and the level of interoperability. We believe that Ukraine, as a unique partner of the Alliance in a very special security situation, will have its own smart way to the NATO membership,” said Andriy Yermak.

    At the same time, the Head of the President’s Office noted that Ukraine’s joining NATO requires consensus by all the Member States. Until Ukraine reaches it, we need our partners’ consolidated efforts to create effective security guarantees for Ukraine.

    “Ukraine has presented the Kyiv Security Compact concept with our proposals on the security guarantees. Our proposals are aimed at mobilizing necessary political, financial, military, and diplomatic resources for Ukraine’s self-defense. These guarantees should protect Ukraine’s sovereignty and territorial integrity and prevent new aggression in the future,” the Head of the President’s Office noted.

    According to him, the guarantees’ working principle is simple: Ukraine’s security relies primarily on its ability to defend itself. Ukraine’s effective defense relies on contributions from its allies.

    “The Kyiv Security Compact provides that it should be a joint document on strategic partnership between Ukraine and the guarantor states. These commitments should be reliable, as we can’t accept a new set of non-binding assurances that we have according to the infamous Budapest memorandum,” Andriy Yermak explained.

    As stated by the Head of the President’s Office, an important component of such security guarantees is our sky effective protection.

    In addition, he emphasized the importance of creating a Special Tribunal regarding the crime of aggression against Ukraine committed by the leadership of Russia.

    “We are grateful to the NATO Parliamentary Assembly for supporting the establishment of the Special Tribunal. We call on our partners, in particular the Alliance and its member states, to engage into consultations regarding the international treaty on the issue of its creation. Ukraine has prepared relevant draft documents, which could be the basis for further work towards the establishment of the Special Tribunal,” Andriy Yermak informed.

    He reminded that the Peace Formula proposed by President of Ukraine Volodymyr Zelenskyy contains the following ten points:

    1. Radiation and nuclear safety.
    2. Food security.
    3. Energy security.
    4. Release of all prisoners and deportees.
    5. Restoration of Ukraine’s territorial integrity.
    6. Withdrawal of Russian troops and cessation of hostilities.
    7. Justice.
    8. Immediate protection of the environment from ecocide.
    9. Preventing escalation.
    10. Confirmation of the end of the war.

    “We don’t know what objects will be hit this time. What we know though, is that Ukraine needs an air shield. What we know is Ukraine needs reliable security guarantees,” the Head of the President’s Office concluded.

  • PRESS RELEASE : The project of assistance from the European cities with the supply of generators is designed to help Ukrainians survive the most difficult winter in modern history – Andriy Yermak [November 2022]

    PRESS RELEASE : The project of assistance from the European cities with the supply of generators is designed to help Ukrainians survive the most difficult winter in modern history – Andriy Yermak [November 2022]

    The press release issued by the President of Ukraine on 23 November 2022.

    Head of the Office of the President of Ukraine Andriy Yermak together with President of the European Parliament Roberta Metsola and President of Eurocities and Mayor of Florence Dario Nardella took part in the video conference mode in the official launch in Strasbourg of the Eurocities project to help Ukrainian cities with the supply of generators.

    Andriy Yermak thanked Roberta Metsola for her unprecedented leadership and strong support for Ukraine from the European Parliament since the beginning of the full-scale invasion of Russia.

    “I would like to use this opportunity to commend today’s decision of the European Parliament on the well-deserved recognition of Russia as a terrorist regime,” he said.

    The Head of the Office of the President reminded that in recent months the Russian Federation started terror against the critical infrastructure of Ukraine. He emphasized that depriving civilians of water supply and drainage could trigger a humanitarian catastrophe.

    Andriy Yermak emphasized that the project presented today is designed to help Ukrainians survive the most difficult winter in the modern history of the country.

    “Generators are essential equipment that will provide people with basic needs: light, communication, access to reliable medical care in the event of a blackout caused by Russian strikes. We need them as a strategic reserve in the face of a complete and continuous blackout that may last for weeks,” he said.

    At the same time, the Head of the President’s Office emphasized that the main priority for Ukraine today is the immediate restoration of the power grid. According to him, our country needs high-voltage equipment: autotransformers, automatic transfer switches, relays, arresters.

    “The biggest war in Europe over the last half a century continues. However, Ukrainians are convinced: with the support of a united Europe, we will win, and Russia will be defeated,” Andriy Yermak emphasized.

    For her part, President of the European Parliament Roberta Metsola noted that the EU and its institutions stand in solidarity with Ukraine on the humanitarian, military and financial fronts.

    She added that the provision of generators should help ensure energy and water supply for the civilian population and hospitals in Ukraine.

    Roberta Metsola called on all European cities and regions to join this project of helping Ukrainians.

  • PRESS RELEASE : Press statement by President von der Leyen on the ninth package of sanctions against Russia [December 2022]

    PRESS RELEASE : Press statement by President von der Leyen on the ninth package of sanctions against Russia [December 2022]

    The press release issued by the European Commission on 7 December 2022.

    Russia continues to bring death and devastation to Ukraine. It is deliberately targeting civilians and civilian infrastructure, seeking to paralyse the country at the beginning of the winter.

    We stand by Ukraine and we are making Russia pay for its cruelty.

    The eight packages of sanctions we introduced so far are already biting hard.

    And today, we are stepping up the pressure on Russia, with a ninth package of sanctions.

    First, we are proposing to add almost 200 additional individuals and entities to our sanctions list. This includes the Russian armed forces, as well as individual officers and defence industrial companies, members of the State Duma and Federation Council, ministers, governors and political parties, among others. This list covers key figures in Russia’s brutal and deliberate missile strikes against civilians, in the kidnapping  of Ukrainian children to Russia, and in the theft of Ukrainian agricultural products.

    Second, we propose to introduce sanctions against three additional Russian banks, including a full transaction ban on the Russian Regional Development Bank to further paralyse Putin’s cash machines.

    Third, we also want to impose new export controls and restrictions, particularly for dual-use goods. This includes key chemicals, nerve agents, electronics and IT components that could be used by the Russian war machine.

    Fourth, we will cut Russia’s access to all sorts of drones and unmanned aerial vehicles. We propose to ban the direct exports of drone engines to Russia and the export to any third countries, such as Iran, which could supply drones to Russia.

    We will also target the Russian propaganda machine by taking four additional channels off the air and all other distribution platforms.

    And we propose further economic measures against the Russian energy and mining sector, including a ban on new mining investments in Russia.

    This package comes on top of the full EU import ban on Russian seaborne oil that came into force this week. As well as the global oil price cap agreed between the G7.

    The international cooperation against Russia’s war has never been stronger.

    We stand united and firm.

  • PRESS RELEASE : EU at COP15 – Final stretch to global deal to halt and reverse biodiversity loss, for people and planet [December 2022]

    PRESS RELEASE : EU at COP15 – Final stretch to global deal to halt and reverse biodiversity loss, for people and planet [December 2022]

    The press release issued by the European Commission on 7 December 2022.

    Today starts the United Nations Biodiversity Conference COP15 meeting in Montréal. From 7 to 19 December, countries will aim to reach a global agreement for the protection of nature and the planet with long-term goals by 2050 and milestones for 2030. The Commission, representing the EU, will work with all Parties to conclude an ambitious global agreement to protect, restore, sustainably use and invest in biodiversity and ecosystems. At the High-Level Segment from 14 to 17 December, Commissioner Sinkevičius will represent the Commission and lead the EU negotiating team.

    After more than two years of negotiating, the Commission wants to turn COP15 into a ‘Paris moment’ for biodiversity, referring to the landmark climate summit where the world agreed to limit climate change to 1.5°C. High ambition is also needed to address the dual crisis of climate change and biodiversity loss and if we want to maintain our planet’s capacity to sustain 8 and soon 10 billion people, fight climate change and protect our livelihoods. As a first step, it will be essential to leave the world’s nature in a better shape in 2030 than it was in 2020.

    EU at COP15: priorities for a global biodiversity framework

    The Commission together with EU Member States will work towards the adoption of an ambitious, comprehensive and transformative post-2020 global biodiversity framework. An agreement at COP15 should include:

    • A target to protect 30% of land and oceans by 2030, especially those areas that are most valuable for biodiversity and ecosystem services. Protected areas would need to be well-connected and effectively managed.
    • A target to restore 3 billion hectares of degraded land and freshwater ecosystems and 3 billion hectares of ocean ecosystems. By restoring those areas, they can be more productive than today and more resilient to droughts, floods and pests.
    • Targets to address the direct drivers of biodiversity loss, including pollution.
    • Commitments  to promote sustainable use of biodiversity and ecosystems, in particular through agro-ecology approaches, reducing pesticide use, stopping deforestation and by mainstreaming nature-based solutions into our economy. Sustainable use of biodiversity can meet people’s needs, for example for food, fibre, fuel, medicine or tourism, while supporting conservation.
    • Solid monitoring framework with a set of headline indicators and a robust mechanism for the review of national targets in support of the implementation of the framework making sure that the agreement is fully implemented.

    Mobilising biodiversity finance

    The required ambition will need the mobilisation of substantial financial resources for biodiversity conservation and sustainable use of biodiversity. As President von der Leyen announced in her State of the Union address, the European Union is doubling its global biodiversity financing to EUR 7 billion over the period 2021-2027, especially for the most vulnerable countries, and is encouraging all international donors to live up to the same level of ambition. In Montréal, the Commission will also support a strong package to mobilise resources from all sources, domestic and international, public and private.

    As a priority, existing resources need to be used more effectively, including by aligning all financial flows with nature-positive objectives and by addressing harmful subsidies. Businesses play a major role in that. This starts with monitoring, assessing and disclosing their impacts and dependencies on nature. The EU supports the global business coalition calling for mandatory reporting by companies and financial institutions.

    A key negotiating issue is the access to and the fair and equitable sharing of the benefits arising out of the utilisation of genetic resources (Digital Sequence Information, or DSI). The Commission urges that any solution should be practical and easily implementable. It should ensure legal certainty and clarity, and generate more benefits than costs. In particular, open access to this information should be guaranteed, and scientific research cannot be hampered.

    As we cannot manage what we cannot measure, the Commission will also advocate for the strengthening of capacity building and development, and is committed to develop a Global Knowledge Support Service for Biodiversity to support our partner countries in the implementation of the future global agreement.

  • PRESS RELEASE : G7 agrees oil price cap – reducing Russia’s revenues, while keeping global energy markets stable [December 2022]

    PRESS RELEASE : G7 agrees oil price cap – reducing Russia’s revenues, while keeping global energy markets stable [December 2022]

    The press release issued by the European Commission on 3 December 2022.

    The international Price Cap Coalition has finalised its work on implementing an oil price cap on Russian seaborne crude oil. EU Member States in the Council have also just approved in parallel its implementation within the EU.

    The cap has been set at a maximum price of 60 USD per barrel for crude oil and is adjustable in the future in order to respond to market developments. This cap will be implemented by all members of the Price Cap Coalition through their respective domestic legal processes.

    Ursula von der Leyen, President of the European Commission, said, “The G7 and all EU Member States have taken a decision that will hit Russia’s revenues even harder and reduce its ability to wage war in Ukraine. It will also help us to stabilise global energy prices, benefitting countries across the world who are currently confronted with high oil prices.”

    While the EU’s ban on importing Russian seaborne crude oil and petroleum products remains fully in place, the price cap will allow European operators to transport Russian oil to third countries, provided its price remains strictly below the cap.

    The price cap has been specifically designed to reduce further Russia’s revenues, while keeping global energy markets stable through continued supplies. It will therefore also help address inflation and keep energy costs stable at a time when high costs – particularly elevated fuel prices – are a great concern in the EU and across the globe.

    The price cap will take effect after 5 December 2022 for crude and 5 February 2023 for refined petroleum products [the price for refined products will be finalised in due course]. It will enter into force simultaneously across all Price Cap Coalition jurisdictions. The price cap also provides for a smooth transition – it will not apply to oil purchased above the price cap, which is loaded onto vessels prior to 5 December and unloaded before 19 January 2023.