According to German media reports on December 2 local time, Poland has agreed to the EU’s maximum price limit for seaborne oil shipments to Russia at US$60 per barrel. The final decision will take effect after the official announcement.
The price cap on Russian oil (3,0.00,0.00%) was proposed by the Group of Seven led by the United States to replace the more stringent EU embargo against Russia. According to the proposal of the Group of Seven, EU member states can continue to buy Russian oil, but they need to set a ceiling on the price of Russian crude oil. Recently, the EU has been conducting intensive consultations on the price ceiling for importing Russian oil.
Russian Foreign Minister Sergei Lavrov said on December 1 that Russia is not interested in setting a price ceiling for Russian oil in the West, because Russia will directly complete transactions with its partners and will not supply oil to countries that support setting a price ceiling for Russian oil.