European union and poland have been involved in a discussion about capping the price of russian oil. poland announced its support on friday for the plan, which would limit the price of a barrel of oil to $60 (â¬57; â£48), 5% lower than the market rate. the proposal was put forward by the g7 group of nations in september.
Discussion has been taking place in the eu, and the plan is set to be in place by 5 december. the g7 finance ministers said that the plan would reduce moscow’s oil revenues and its ability to fund its war of aggression. the price of a barrel has risen since russia’s invasion of ukraine in february.
Plan would limit the countries which sign up to it to purchasing oil and petroleum products transported via sea that are sold at or below the price cap. russia has denounced the scheme, saying it would not supply those countries which enforced a price cap. the price cap was put in place in order to stop moscow from profiting from oil exports while avoiding a price spike, and to prevent motorists and industry from having to pay higher prices.