The European Union will join the G7 powers in imposing a 60-dollar-per-barrel price cap on Russian oil, the Polish ambassador to the bloc said Friday.
Poland, which was pushing for a lower ceiling, has withdrawn its objection to the European proposal and the measure will be made official this weekend, Andrzej Sados told reporters.
“We can formally agree to the decision,” Sados said, explaining that Poland’s fellow EU members had agreed to push forward with a new ninth round of sanctions against Russia.
The Czech presidency of the EU and diplomats from other member states said the deal had been confirmed and that the bureaucratic procedure to bring it into effect was underway.
The EU will impose an embargo on Russian crude oil from Monday, now backed with the price cap agreed on a political level with Washington and the G7 group of wealthy democracies.
Sados described the oil embargo as the most important sanctions yet placed on Russia in response to its February 24 invasion of Ukraine and ongoing war against its neighbour.
But he said that Poland was now reassured that Brussels would take onboard suggestions from Warsaw and the Baltic states for more tough measures in the next round of sanctions.
“We’re working on the next package of sanctions, which will be painful and expensive for Russia,” the ambassador said.