EU members near deal on $60 per barrel Russian oil price cap
European Union member states are close to agreeing on a $60 dollar per barrel price cap on Russian oil, diplomats said Thursday, with just Poland left to give the final nod.
Europe will begin enforcing an embargo on Russian crude shipments from Monday, so the price cap will apply to oil exported by sea by Moscow to ports around the world. Measures will be taken to prevent tankers from shipping Russian oil sold above this price, for example by refusing to allow British and EU insurers to cover vessels and shipments.
The EU was already in agreement with Washington on the need to cap the price Western clients pay for Russia’s oil, to prevent Moscow from profiting from price rises triggered by its own war on Ukraine.
