The European Union on Friday reached a deal to cap Russian maritime oil at $60 a barrel in an attempt to hurt Russian finances but protect the energy market.
Russian maritime oil
Under the agreement, Western companies will not be able to insure, finance or ship Russian oil unless it is sold for less than $60 a barrel, The Wall Street Journal reported. A common type of Russian oil, known in the industry as Urals, is priced at an increasingly wide discount, signaling that buyers of Russian oil remain skittish.The EU’s agreement has reportedly set the stage for additional steps the G-7 plans to announce Monday, which are expected to further target the Kremlin’s war effort.
Russian President Vladimir Putin attends a meeting on economic issues via videoconference at the Novo-Ogaryovo residence outside Moscow, Russia, June 7.
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