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EU agrees to set $60 price cap level for Russian oil exports

By Ewa Krukowska, Alberto Nardelli and Jorge Valero

02 Dec 2022 · 2 min read

Editor's Note

After much internal wrangling, the E.U. appears to have agreed on a price cap on Russian oil intended to limit Moscow's fossil fuel earnings. Bloomberg has the latest news.

The European Union agreed to put a price cap on Russian oil at $60 a barrel, paving the way for a wider Group of Seven deal, according to a Polish diplomat.

The price is higher than where Russia already sells most of its crude. That's because one of the main aims of the measure is to try to keep Russian oil flowing to global markets. But it's less generous than an earlier proposal after pressure from Poland and the Baltic countries.

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