Photo taken on June 2, 2017 shows a plant of the Udmurtia Petroleum Corp project in Udmurtia, a republic in western Russia. (Xinhua/Bai Xueqi)
Under the price cap, insurance, finance and other services for Russian oil shipments will be banned if oil sells for more than 60 U.S. dollars a barrel.
BRUSSELS, Dec. 2 (Xinhua) -- The European Union (EU) member states on Friday agreed on a 60 U.S. dollar per barrel cap on the price of Russian seaborne crude.
The decision must be officially approved with a written procedure. Details of the deal are due to be published in the EU legal journal on Sunday.
Under the price cap, insurance, finance and other services for Russian oil shipments will be banned if oil sells for more than 60 U.S. dollars a barrel.
The chair of the Foreign Affairs Committee of the State Duma, the lower house of Russia's Federal Assembly, told TASS news agency on Friday the EU was jeopardizing its own energy security.
A customer looks on a screen displaying the cost as he fuels a vehicle at a gas station in Berlin, capital of Germany, March 11, 2022. (Xinhua/Shan Yuqi)
Finance ministers of the Group of Seven (G7) countries agreed in September to impose a price cap on Russian oil.
Calling the G7's plan completely absurd, Russia's Deputy Prime Minister Alexander Novak has said that his country would not supply oil and petroleum products to those countries that support the price cap, warning that the measure could destroy the global oil market. ■
