EU agrees on $60 per barrel price cap on Russian oil, say reports

Restrictions an attempt to squeeze Kremlin's crude oil revenues

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.
 

Under the plan, the Group of Seven and Australia would ban the provision of maritime services for Russian oil shipments unless the crude is sold at or under the level.
 

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