EU leaders have agreed to buy oil from Russia at $60 per barrel. EU countries agreed to stop buying oil above $60 a barrel and reached a deal on Friday with Poland backing the issue.
The deal would be a major step forward for Western sanctions, which aim to restructure global oil markets to curb price increases.
The agreement was originally led by the Group of Seven (G-7). Its aim is to limit Russia’s revenue from oil sales. Because the country uses the revenue from this oil sale to finance the war against Ukraine. The move would prevent Russian oil shipments above a certain limit to countries outside the European Union.
At the same time, the agreement is believed to be a flexible approach by the European Union on Russian oil. At the same time, the European Union’s ban on Russian crude oil came into force on December 5, aimed at preventing a sharp rise in international oil prices. But much fear such a deal could send oil prices skyrocketing, as Russia supplies about 10 percent of the world’s oil.