European Union joins G7 over $60 price cap on Russian oil

After lengthy negotiations, the European Union reached an agreement to impose, together with the G7 countries, a price cap on Russian oil which was set at $60 a barrel. The cap will work together with the European embargo on Russian oil, and will therefore be applied to seaborne sales to third countries: this means that European companies, which dominate the financial market, will not be able, for example, to insure transactions with third countries above-the-ceiling price. This mechanism will replace the current total ban on providing services on Russian crude foreseen by EU sanctions.