EU agreed on price ceiling of 60 dollars per barrel for Russian oil

European Union agreed to cap the price of Russian oil delivered by sea at $60 a barrel with an adjustment mechanism approved to keep the cap 5% below the market oil price. Poland, which insisted that the ceiling be as low as possible, has time to agree to the deal, which must be approved by all EU governments in a written procedure by Friday a polish diplomat said.

The price ceiling is set at $60 with a provision to keep it 5% below the market price for Russian crude oil, based on data from the International Energy Agency (IEA)

Poland has until 16:00 CET to agree. If it does, there will be a written procedure to confirm the agreement

However, Polish diplomats indicated that consultations with Warsaw are continuing. EU diplomats said Lithuania and Estonia, which have backed Poland’s push to set the cap as low as possible, also agreed to the $60 cap.

The price cap on Russian offshore crude was proposed by the G7 to limit Moscow’s oil export earnings and therefore its ability to finance its military invasion of Ukraine, while avoiding a global oil supply shock.

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