By Laurence Norman and Andrew DuehrenThe European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said. The EU agreement came after resolving a last-minute push by Poland to lower the cap, which the European Commission, the bloc's executive body, had originally proposed should be between $65 and $70 a barrel. The price cap will ban Western companies from insuring, financing or shipping Russian oil unless the oil is sold below $60 a barrel. Write to Laurence Norman at laurence.norman@wsj.com and Andrew Duehren at andrew.duehren@wsj.com

Source: Wall Street Journal December 02, 2022 16:46 UTC