Poland agrees to EU's USD 60 price cap on Russian oil

Poland has agreed to support an EU proposal to set a USD 60 price cap per barrel on Russian oil, Poland's ambassador to the EU has said.

Andrzej Sadoś said on Friday that Poland's agreement paved the way for the EU to endorse the deal over the weekend.

Poland had earlier demanded a lower price ceiling in order to hit Russia harder, and wanted to know more about the mechanism that will keep the price limit below the market price.

According to Sadoś, the mechanism will make sure Russian oil is at least 5 percent cheaper than the market.

The cap will affect Russian oil supplied by tankers.