European Union agrees to $60-per-barrel price cap on Russian oil

Measure "will reduce Russia’s revenues significantly."

Updated: December 2, 2022 - 2:48pm

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The European Union on Friday agreed to a price cap on Russian oil exports, a move meant to sanction the country's President Vladimir Putin in the wake of his invasion of Ukraine while still allowing for energy markets around the world to remain stable. 

The $60 price cap "will help us stabilise global energy prices, benefitting emerging economies around the world," EU Commission President Ursula von der Leyen said in announcing the measure. 

The measure "will reduce Russia’s revenues significantly," she argued, as well as "benefit directly emerging and developing economies."

The limit will be "adjustable over time so that we can react to market developments," she added. 

The measure has been long-discussed among EU nation-states, though not all members were satisfied with the results.

Estonian Minister of Foreign Affairs  Urmas Reinsalu argued on Twitter that the cap was "a step in right direction, but this is not enough. Intent is right, delivery is weak."

"Why are we still willing to finance Russia's war machine?" he asked.

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