European Union member states have agreed to implement a $60 per barrel price cap on Russian crude purchases in an attempt to curb the flow of oil money to Russia.
The agreement was reached after Poland dropped its demands for a lower price ceiling and will also be adopted by the G7 group of leading economies and several other Western allies.
“The G7 and all EU member states have taken a decision that will hit Russia’s revenues even harder and reduce its ability to wage war in Ukraine,” President of the European Commission Ursula von der Leyen said.
