EU agrees $60 Russian oil price cap, holdout Poland backs deal

The European Union on Friday agreed on a $60 per barrel price cap on Russian seaborne crude, after holdout Poland gave its support, paving the way for formal approval over the weekend, reports.

Warsaw had resisted the proposed level as it examined an adjustment mechanism to keep the cap below the market price. It had pushed in EU negotiations for the cap to be as low as possible to squeeze revenues to Russia and limit Moscow's ability to finance its war in Ukraine.

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