The Council of Europe has agreed on a price ceiling for Russian oil at $60 per barrel. It is reported by The New York Times with reference to the Polish diplomat Andrzej Sados. An official statement from the G7 is expected by Sunday.
According to Bloomberg , the agreed mechanism assumes that the ceiling will be reviewed every two months and, with any change, it will remain at least 5% below the average market rates.
The set level is not much different from the average price of Russian oil in November. According to the Ministry of Finance, in November the average price of Russian Urals oil was $66.47 per barrel.
Previously, the Baltic countries actively opposed the $60 level, which insisted on the lowest possible ceiling level, in particular, Poland insisted on $30 per barrel – the price as close as possible to the profitability of oil production in Russia. However, this position did not find understanding among countries whose economies are heavily dependent on maritime transport – Greece, Cyprus and Malta. These countries urged to stop at the level of $65 in order to continue transporting Russian oil to third countries.