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Asharq Al-Awsat
Asharq Al-Awsat
World
Asharq Al-Awsat

G7 Coalition Agrees $60 Per Barrel Price Cap for Russian Oil

G7 Oil United States Russia Poland Australia European Union
FILE An oil tanker is moored at the Sheskharis complex, part of Chernomortransneft JSC, a subsidiary of Transneft PJSC, in Novorossiysk, Russia, Tuesday, Oct. 11, 2022, one of the largest facilities for oil and petroleum products in southern Russia. (AP Photo, File)

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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