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Ukraine war

EU agrees on $60 Russian oil price cap after holdout Poland backs deal

Measure aims to target Moscow's income without sending prices soaring

A Russian crude oil terminal. The price cap aims to cut into a key source of income for Russia's war in Ukraine.   © Reuters

BRUSSELS (Reuters) -- The European Union on Friday agreed on a $60-per-barrel price cap on Russian seaborne crude, after holdout Poland gave its support, paving the way for formal approval over the weekend.

Warsaw had resisted the proposed level as it examined an adjustment mechanism to keep the cap below the market price. It had pushed in EU negotiations for the cap to be as low as possible to squeeze revenues to Russia and limit Moscow's ability to finance its war in Ukraine.

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