Poland, Estonia, Lithuania back price cap on Russian oil

The cap will affect Russian oil supplied by tankers. Roman Jocher/PAP

The EU affairs ministers of Poland, Estonia and Lithuania have backed the EU's proposal to set a USD 60 price cap per barrel on Russian oil.

In a joint statement published on Sunday, the ministers said the price cap would help raise the effectiveness of EU sanctions imposed on Russia after its invasion of Ukraine.

They noted, however, that the price restriction was "only one element of the (EU's - PAP) answer to Russia's aggression against Ukraine."

"The ministers responsible for European affairs of Estonia, Lithuania and Poland are content to accept the agreement on limiting oil prices aimed at reducing Russia's income from oil sales," the statement reads.

On Friday, Andrzej Sadoś, Poland's ambassador to the EU, said Poland had agreed to support the price cap.

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

The cap will affect Russian oil supplied by tankers.