The European Union on Friday agreed to cap Russian oil prices at $60 a barrel, after several days of intense negotiations over an appropriate level.
The announcement comes after the G-7 group of advanced economies agreed back in September to impose a limit on Russian seaborne crude and therefore constrain revenues the Kremlin makes from the commodity.
and therefore constrain revenues the Kremlin makes from the commodity. However, details on how the cap would work in practice have been debated and hashed out since that point.
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