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EU Asks Members to Set Russia Oil-Price Cap at $60
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The European Commission, the European Union’s executive body, has asked the bloc’s 27 member states to approve a price cap on Russian oil of $60 a barrel, according to people familiar with the matter.
The price cap is part of the West’s attempt to squeeze the Kremlin’s oil revenues while keeping global oil supplies steady and avoiding an increase in energy prices. It has been crafted as a way to try to allow Russian oil to sate global markets without Moscow getting the full benefit of its sales.
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