Diplomats from the European Union agreed on Friday to set a top price of $60 per barrel for Russian oil cargoes, according to Andrzej Sados, Poland’s ambassador to the bloc and a key negotiator of the policy, as well as other E.U. diplomats and officials who spoke on condition of anonymity because they were not authorized to speak with the media, NYT reports.
According to NYT, the policy, devised by the Group of 7 industrialized nations and their allies, aims to limit Russia’s revenue while averting a global oil shock.
An official announcement by the G7 was expected by Sunday, the diplomats and officials said.
Talks to set the cap in Brussels were contentious, spanning more than a week.