EU agrees to impose price cap on Russian crude

The European Union will join the G7 powers in imposing a $60-per-barrel price cap on Russian oil, the Polish ambassador to the bloc said Friday, three days ahead of an EU embargo on imports by sea.

Poland had delayed approving the adoption of the plan while it pushed for a lower price ceiling and tough new sanctions to punish Russia for its war against Ukraine and starve its military of funds.

“We can formally agree to the decision,” Poland’s EU ambassador Andrzej Sados said, explaining that Poland’s fellow EU members had agreed to push forward with a new ninth round of sanctions against Russia.

“We’re working on the next package of sanctions, which will be painful and expensive for Russia,” Sados told reporters.