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EU Reaches Agreement on Price Cap on Oil From Russia at $60 Per Barrel

© AFP 2023 / INA FASSBENDERIn this file photo taken on July 15, 2022 A pressure gauge for gas lines is pictured at Open Grid Europe (OGE), one of Europe's largest gas transmission system operators, in Werne, western Germany
In this file photo taken on July 15, 2022 A pressure gauge for gas lines is pictured at Open Grid Europe (OGE), one of Europe's largest gas transmission system operators, in Werne, western Germany - Sputnik International, 1920, 02.12.2022
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MOSCOW (Sputnik) - The European Union has reached an agreement on a $60 a barrel price cap for Russian oil after Poland dropped its objections.
Poland previously did not agree with the proposed level of oil prices, demanding its reduction.
The EU may now launch a written approval process for the deal and intends to formally announce it on Sunday, Andrzej Sados, Poland's permanent representative to the European Union, said in a statement.
According to Sados, the agreement also provides for a price review mechanism that will keep the price cap at 5% below market value.
The Czech presidency in the Council of the EU countries has officially confirmed that the EU member states' envoys had reached an agreement on price cap for oil from Russia.
The United States welcomed the reports about the European Union reaching a price cap agreement, according to White House National Security Council spokesperson John Kirby.
Vladimir Filanovsky oil and gas condensate field in the northern part of the Caspian Sea - Sputnik International, 1920, 29.11.2022
Why G7's Muddled Plan to Cap Russian Oil Prices is Bursting Apart at the Seams
The West stepped up sanctions pressure on Russia over Ukraine, which led to higher prices for electricity, fuel and food in Europe and the United States. Russian President Vladimir Putin said cheap and reliable Russian energy resources were Europe's competitive advantage, and even a partial rejection of them already had a negative impact on its economy and residents. And the US, pushing through the EU's complete rejection of Russian energy carriers and other resources, is leading to the de-industrialization of Europe, he said.

Commenting on the West's idea to limit prices for Russian energy resources, Putin said Russia would not supply anything abroad if this was contrary to its own interests. Deputy Prime Minister Alexander Novak said Russia would not supply oil to countries that set any price cap. He added that such restrictions were interference in market tools, and Moscow was prepared to work with consumers ready for market conditions.
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