Estonian formin to US treasury secretary: Crude oil price cap must be reviewed in March

TALLINN – Estonian Foreign Minister Urmas Reinsalu held a phone call with United States Secretary of the Treasury Janet Yellen on Friday to discuss the agreement reached on Friday on a price cap on Russia’s refined oil products.

The EU agreed that the price cap on diesel will be 100 US dollars per barrel and the cap on fuel oil was set at 45 dollars per barrel. The price cap will enter into force with the EU import ban on the same products on Feb. 5, ministry spokespeople said.

Reinsalu told the US treasury secretary that Estonia welcomed the agreement in principle reached on Friday on imposing a price cap on Russia’s refined oil products.

"We believe we must make every effort to reduce Russia’s oil revenues to end the war of aggression. Russia is still making a considerable profit from oil sales and this must be stopped completely," he said.

The minister also raised the need to continue reducing Russia’s revenues in a comprehensive way. Reinsalu noted that the current price of crude oil has had an impact on Russia but it is necessary to further raise the cost of the aggression for Russia and, alongside other foreign policy tools, pressure Russia into ending its aggression in Ukraine.

"We must make every effort and crude oil must certainly not be neglected," he added.

Both Reinsalu and Yellen affirmed that in order to reduce Russia’s revenues, the crude oil price cap must be reviewed in March at the latest.

The ministers also spoke about the situation in Ukraine and Reinsalu thanked the United States for supporting Ukraine.