EU agrees on price cap for Russian oil over Ukraine conflict
European Union countries agreed on Wednesday to impose a price cap on Russian oil and other new sanctions after Moscow illegally annexed four regions in Ukraine amid its monthslong war, EU officials said.
Diplomats struck the deal in Brussels that also includes curbs on EU exports of aircraft components to Russia and limits on steel imports from the country, according to an official statement from the Czech rotating EU presidency.
The 27-nation bloc will impose a ban on transporting Russian oil by sea to other countries above the price cap, which the Group of Seven wealthy democracies want in place by December 5, when an EU embargo on most Russian oil takes effect.
