EU To Set $60 Price Cap On Russian Oil; Kremlin Vows To Ignore, Cut Supply

The European Union reached a deal on Friday to cap Russian oil at $60 a barrel, paving the way for G7 nations to launch an ‘unprecedented mechanism,’ as the Wall Street Journal reports.

The move came after overcoming a last-minute push by Poland to lower the cap, for which the European Commission had originally proposed between $65 and $70 per barrel. In short, the EU came down to Poland’s price, which had become a point of contention for more than a week.

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www.zerohedge.com/commodities/eu-set-60-price-cap-russian-oil-kremlin-vows-ignore-cut-supply

 

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