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Al Jazeera
Al Jazeera
World

EU, G7, Australia to cap price on Russian oil at $60 per barrel

Russia Vladimir Putin Oil United States Joe Biden Kaja Kallas G7 John Kirby White House
Ukraine's President Volodymyr Zelenskyy shakes hands with European Commission President Ursula von der Leyen in September 2022. The EU, G7 and Australia have agreed to place a price cap on Russian oil as a means of curbing Moscow's financing of the war in Ukraine [File: Valentyn Ogirenko/Reuters]

The Group of Seven (G7) nations, Australia and the European Union have agreed on a $60 per barrel price cap on Russian seaborne crude oil as part of an international campaign to curb Russia’s ability to finance its war against Ukraine through energy sales.

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

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