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.
The European Union presidency, currently held by the Czech Republic, confirmed that member state ambassadors had reached agreement on the price cap and that the decision would enter into force when published in the EU official journal this weekend.
It also proposed bans on the export of a wide-range of consumer technology that could be pressed into use by the Russians and a ban on the importation of Russian diamonds. This alone is greater than Russia's 60-billion-euro defence budget before the war and dwarfs the financial and military aid spent by EU states to support Kyiv's pro-Western government.
Under the European plan, which will be coordinated with the United States, the G7 and other western allies, if the market price of Russian oil falls below $60 then the cap will be cut until it is five percent lower than the market.The price of Urals Crude, the main variety sold by Russia, is volatile but it was trading at around $65 per barrel as EU ambassadors met to discuss the level of the cap.
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