The international Price Cap Coalition has finalised its work on implementing an oil price cap on Russian seaborne crude oil. EU Member States in the Council have also just approved in parallel its implementation within the EU.
The cap has been set at a maximum price of 60 USD per barrel for
crude oil and is adjustable in the future in order to respond to market
developments. This cap will be implemented by all members of the Price
Cap Coalition through their respective domestic legal processes. (...)
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