The European Union on Friday agreed to cap Russian oil prices at $60 a barrel, after several days of intense negotiations over an appropriate level.
The announcement comes after the G-7 group of advanced economies agreed back in September to impose a limit on Russian seaborne crude and therefore constrain revenues the Kremlin makes from the commodity.
and therefore constrain revenues the Kremlin makes from the commodity. However, details on how the cap would work in practice have been debated and hashed out since that point.
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Western allies move to cap the price of Russian oil at $60 a barrelAfter months of lobbying by the United States and days of fraught negotiations, Ukraine’s allies are closer to implementing a plan to cap the price of Russian oil starting next week.
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EU edges closer to $60-per-barrel Russian oil price capBRUSSELS (AP) — The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine .
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EU tentatively agrees $60 price cap on Russian seaborne oil -documentEuropean Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil - an idea of the Group of Seven (G7) nations - with an adjustment mechanism to keep the cap at 5% below the market price, a document seen by Reuters showed.
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WSJ News Exclusive | EU Asks Members to Set Russia Oil-Price Cap at $60The price cap is the West’s attempt to squeeze the Kremlin’s oil revenues while keeping global oil supplies steady and avoiding an increase in global energy prices.
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