In this June 16, 2022 file photo, European Union flags fly outside the European Commission building in Brussel. Investors are pouring money into Europe's stocks, currency and bonds, according to analysts. PHOTO AFP BRUSSELS WASHINGTON - European Union countries agreed to set price caps on Russian refined oil products to limit Moscow's funds for its special military operation in Ukraine, the Swedish presidency of the EU said on Friday.
EU diplomats said the price caps are $100 per barrel on products that trade at a premium to crude, principally diesel, and $45 per barrel for products that trade at a discount, such as fuel oil and naphtha. Ambassadors for the 27 EU countries agreed on the proposal of the European Commission, which will apply from Sunday.
The price caps, along with the EU ban on Russian oil product imports, are part of a wider agreement among the Group of Seven G 7 countries. It follows a $60 per barrel cap on Russian crude imposed by G 7 countries on December 5.
Both caps prohibit Western insurance, shipping, insuring, trading, brokering or carrying cargoes of Russian crude and oil products unless they are bought at or below the set price caps.
There will be a 55 day transition period for Russian oil products bought and loaded before Sunday. The wind-down period for Russian crude oil was 45 days.
Poland and the Baltic states of Latvia, Lithuania and Estonia pushed for a review of the crude oil price cap now, instead of as planned in mid-March, diplomats said, dragging talks for days. They want a lower price cap to curb Russia's revenues from fuel.
Regular reviews will set a price cap at least 5 percent less than the average market price for Russian oil.
The administration of U.S. President Joe Biden announced on Friday an additional round of security assistance for Ukraine with a total value of $2.2 billion.
The latest package was divided into two parts - $425 million through the Presidential Drawdown Authority and $1.75 billion from the congressionally approved Ukraine Security Assistance Initiative, according to a statement from the Defense Department.
Long-range rockets for High Mobility Artillery Rocket Systems, or HIMARS missile launchers, which the United States has provided for Ukraine, are particularly prominent in the materiel.
The new rockets are GPS-guided Ground-Launched Small Diameter Bombs GLSDB with a range of roughly 90 miles, more than double the 40 mile range that previous US-provided HIMARS-compatible missiles have.
The GLSDB's range falls short compared to that of the Army Tactical Missile System ATACMS, which has been sought by Ukraine but is refused by the United States for fear of an escalation of the Russia-Ukraine conflict. The ATACMS has a range of nearly 200 miles.
The US government will contract with weapons manufacturers to provide the GLSDB, as well as two HAWK air defense firing units and unspecified equipment to integrate Western air defense launchers, missiles and radars with Ukraine's air defense systems. It will be months from now until the actual delivery of these weapons.
READ MORE: Biden says no' to sending fighter jets to Ukraine.
Since the Russian-Ukraine conflict broke out a year ago, the United States has committed more than $29.3 billion in security assistance for Ukraine.