EU approves ceiling price for Russian oil

All European Union governments have concluded the written adoption of a $60 price price limit for Russian shipping, the European Commission said.

This paves the way for publishing the decision in the EU Official Journal and entering into force on December 5th, Aljazeera writes.

“G7 and all EU member states have made a decision that will hit Russia's revenues even more and reduce its ability to wage war in Ukraine”, EU Commission President Ursula von der Leyen said in a statement.

“will also help us stabilise global energy prices, benefiting countries worldwide that are currently facing high oil prices”, she said.