European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil - an idea of the Group of Seven (G7) nations - with an adjustment mechanism to keep the cap at 5% below the market price, a document seen by Reuters showed.
The agreement still needs to be approved by all EU governments in a written procedure by Friday. EU countries have wrangled for days over the details - with Poland pushing for the cap to be as low as possible to slash Russia's income from selling the fossil fuel.
Since Russian Urals crude already traded lower, Poland, Lithuania and Estonia rejected that level as not achieving the main objective of reducing Moscow's ability to finance its war in Ukraine. An EU document seen by Reuters showed the price cap would be reviewed in mid-January and every two months after that, to assess how the scheme is functioning and respond to possible "turbulences" in the oil market that occur as a result.
The idea to enforce the G7 cap is to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude around the globe, unless it is sold for less than the price set by the G7 and its allies.
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