EU to join G7 on Russian oil cap

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EU to join G7 on Russian oil cap

The European Union will join the G 7 powers in imposing a USD 60 per barrel price cap on Russian oil, Warsaw s ambassador to the EU Andrzej Sados said. Poland, which was pushing for a lower cap, has withdrawn its objection to the EU proposal, and will make the deal official in the coming days. Andrzej Sados said that the mechanism in the final deal would keep the price cap at least 5% below the market rate.

The G 7, the European Union and Australia have now set a cap on the price of Russian oil that will help us achieve our goal of restricting Putin's primary source of revenue for his illegal war in Ukraine while preserving the stability of global energy supplies, said Janet Yellen, Treasury Secretary.

Russia's revenues will be reduced because of the EU agreement on an oil price cap, coordinated with G 7 and others. It will help us stabilize global energy prices and benefit emerging economies around the world, according to President of the European Commission Ursula von der Leyen.

The EU's ban on imports of Russian oil comes into effect on Monday, and member states hope it will be the most damaging hit against the industry, which is fuelling President Vladimir Putin's Russian war machine.

The European Union is jeopardizing its own energy security by setting a price cap on Russian seaborne oil, the chairman of the Russian lower house foreign affairs committee Leonid Slutsky said.

Ukraine's security service has raided 9 Orthodox Church buildings in three districts to counter the activities of Russian special services in Ukraine. There will be more steps. Ukraine will never stop halfway again, President Volodymyr Zelensky said.