EU backs 60 dollar-per-barrel price cap on Russian oil

An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia (AP/PA)

The European Union tentatively agreed to a 60 dollar-per-barrel price cap on Russian oil, a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine.

After a last-minute flurry of negotiations, the EU presidency, held by the Czech Republic, said in a statement that “ambassadors have just reached an agreement on price cap for Russian seaborne oil”.