(MENAFN- Trend News Agency) The Group of Seven (G7) nations and Australia on Friday said
they had agreed a $60 per barrel price cap on Russian seaborne
crude oil after European Union members overcame resistance from
Poland and hammered out a political agreement earlier in the day,
trend reports citing
reuters .
The EU agreed the price after holdout Poland gave its support,
paving the way for formal approval over the weekend.
The G7 and Australia said in a statement the price cap would
take effect on Dec. 5 or very soon thereafter.
The nations said they anticipated that any revision of the price
would include a form of grandfathering to allow compliant
transactions concluded before the change.
'The Price Cap Coalition may also consider further action to
ensure the effectiveness of the price cap,' the statement read. No
details were immediately available on what further actions could be
taken.
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