The EU agreed on a ceiling price for Russian oil at the level of $60 per barrel

Kostia Andreikovets

The European Union agreed to set the maximum price for Russian oil at $60 per barrel. This applies to oil transported by sea.

This was reported by the Permanent Representative of Poland to the EU Andrzej Sados and several European diplomats, writes The New York Times.

The agreement stipulates that the price of Russian oil will be reviewed every two months so that it is 5% lower than the market price. This step is coordinated by the EU with the "Big Seven" countries, which initiated the price restriction. The G7 is expected to issue an official statement by the end of this week.

  • The price cap is part of a Western effort to cut the Kremlinʼs oil revenues while keeping global supplies stable and avoiding rising prices. This was conceived as a way to allow Russian oil to saturate world markets without Moscow reaping high profits from its sale.
  • At the beginning of September, the USA announced that the G7 countries would set a price limit for Russian oil by December 5. Countries want to see it at the level of $40-60 per barrel, which will seriously affect Russian revenues.