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Reuters

Business

By Jan Strupczewski, Kate Abnett, David Lawder and Andrea Shalal

G7 coalition agrees $60 per barrel price cap for Russian oil

Poland Russia Oil European Union G7

FILE PHOTO: An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. REUTERS/Tatiana Meel/File Photo

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day.

The EU agreed the price after holdout Poland gave its support, paving the way for formal approval over the weekend.

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