EU agrees on cap price for Russian oil at USD 60 per barrel

12:19, 03.12.2022

The Group of Seven (G7) nations, Australia and the European Union have agreed on a USD 60 per barrel price cap on Russian seaborne crude oil as part of an international campaign to curb Russia’s ability to finance its war against Ukraine through energy sales.

The EU agreed on the price on Friday after holdout Poland gave its support, paving the way for formal approval over the weekend.

After a last-minute flurry of negotiations, the EU presidency, held by the Czech Republic, tweeted that “ambassadors have just reached an agreement on price cap for Russian seaborne #oil.”

The G7 and Australia said in a statement the price cap would take effect on December 5 or very soon thereafter.

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