The European Union has reached an agreement on a $60 a barrel price cap for Russian oil after Poland dropped its objections, the Financial Times reported
MOSCOW (Pakistan Point News / Sputnik - 02nd December, 2022) The European Union has reached an agreement on a $60 a barrel price cap for Russian oil after Poland dropped its objections, the Financial Times reported.
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.
