EU agrees to cap price of Russian oil

By Kang Yi
  • World
  • Saturday, 03 Dec 2022

BRUSSELS, Dec. 2 (Xinhua) -- The European Union (EU) member states on Friday agreed on a 60 U.S. dollar per barrel cap on the price of Russian seaborne crude.

The decision must be officially approved with a written procedure. Details of the deal are due to be published in the EU legal journal on Sunday.

Under the price cap, insurance, finance and other services for Russian oil shipments will be banned if oil sells for more than 60 U.S. dollars a barrel.

The chair of the Foreign Affairs Committee of the State Duma, the lower house of Russia's Federal Assembly, told TASS news agency on Friday the EU was jeopardizing its own energy security.

Finance ministers of the Group of Seven (G7) countries agreed in September to impose a price cap on Russian oil.

Calling the G7's plan completely absurd, Russia's Deputy Prime Minister Alexander Novak has said that his country would not supply oil and petroleum products to those countries that support the price cap, warning that the measure could destroy the global oil market.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

Top security aide for S.Korea's Yoon offers to resign
Germany's top court: law on child marriages must be amended
Hungary says 'grievances' hold up ratification of Sweden's NATO accession
UN nuclear boss heads to Zaporizhzhia nuclear power plant
Freed 'Hotel Rwanda' hero departs Doha for Houston for family reunion
El Salvador condemns staff at Mexican migrant center after deadly fire
Russia says its suspension of nuclear pact is not impacted by U.S. data move
North Korean hackers posed as NY Times, Voice of America staff
In the jewellery business, electronic waste is worth its weight in gold
iPad helps cops find 11-year-old girl lured into stranger’s car, US cops say

Others Also Read