EU agrees $60 cap on Russian oil – Markets

The European Union has agreed to set the maximum limit for the price of Russian oil at US$60 per barrel, revealed the Polish ambassador, Andrzej Sados, in Brussels.

On Thursday, news reported that Member States were only waiting for a “green light” from Poland, with Lithuania and Estonia, which have supported Warsaw in pressing for the lowest possible limit, agreeing with the proposal.

This possible agreement comes after, last week, European diplomats failed to reach a consensus on the mechanism proposed by the seven largest economies in the world, the G7, which aims to reduce the financing of the country led by Vladimir Putin.

After long negotiations, the countries will also have agreed on a mechanism that provides for the possibility of reviewing the price every two months, in order to ensure that it is 5% below the market price.

The agreement for the maximum oil price limit, which will be adopted by the G7 countries and some allies, comes days before the EU embargo on Russian crude imports comes into force, on December 5th.

Last week, Russia reinforced that it does not intend to supply oil and gas to countries that support the price ceiling.

“At this time, we support President Vladimir Putin’s position that we will not supply gas and oil to countries that impose a maximum limit. But we will analyze everything before deciding on our final position,” said Kremlin spokesman Dmitry Peskov. to journalists at the time.

News updated at 5:08 pm