European Union agrees to Russian oil price cap after Poland’s approval

Poland yesterday, December 2, agreed to the European Union’s deal for a 60 dollar per barrel price cap on Russian seaborne oil.

Warsaw’s Ambassador to the EU Andrzej Sados told that Poland, which was promoting a lower cap, has now withdrawn its objection to the EU proposal, and the deal will be made official in the coming days. The decision must still be officially approved with a written procedure, which is expected to go through.

Meanwhile, Shortly after the EU agreed on the measure, the Group of Seven (G7), which includes Canada, Japan, the United Kingdom, and the United States as well as EU members France, Germany, Italy, and Australia also adopted the 60 dollar per-barrel cap.

According to media reports, the EU, G7, and Australia will impose an embargo on Russian crude oil from Monday.