"Europe Agrees To Cap The Price Of Russian Oil At $60 A Barrel"

"LONDON - The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force.

News of the deal, which had needed approval from holdout Poland, was confirmed on Twitter by the president of the European Commission, Ursula von der Leyen, marking a key milestone in the West’s efforts to punish President Vladimir Putin without adding to stress on the global economy.

“Today, the European Union, the G7 and other global partners have agreed to introduce a global price cap on seaborne oil from Russia,” von der Leyen said, adding that it would strengthen sanctions on Russia, diminish Moscow’s revenues and stabilize energy markets by allowing EU-based operators to ship the oil to third-party countries provided it is priced below the cap. "

Julia Horowitz reports for CNN December 2, 2022.


"Oil Prices Rise After OPEC+ Keeps Output Steady, Russian Price Cap Imposed" (Reuters)

"The Kremlin’s Defiance Adds To Questions Over Whether The Price Cap Will Work" (New York Times)

Source: CNN, 12/05/2022