European leaders agreed to cap Russian oil exports at $60 a barrel on Saturday as part of sanctions in response to Moscow’s support for separatists in eastern Ukraine.
The EU also said it would halt Russian oil imports and ban the sale of energy technology to Russia, with Australian Prime Minister Scott Morrison saying in a statement that he supported the move.
The sanctions, which also included an EU travel ban and asset freeze on leading Russian politicians and businessmen, came into effect immediately.
They were announced after EU leaders met in the Austrian city of Salzburg for a summit that was dominated by the Ukraine crisis. The EU also said it would halt Russian oil imports and ban the sale of energy technology to Russia, with Australian Prime Minister Scott Morrison saying in a statement that he supported the move.
The sanctions, which also included an EU travel ban and asset freeze on leading Russian politicians and businessmen, came into effect immediately.
They were announced after EU leaders met in the Austrian city of Salzburg for a summit that was dominated by the Ukraine crisis.
The decision of the Group of Seven (G7) countries to cap oil delivery prices to Russia at $60 per barrel is a “weak position”, Ukrainian President Volodymyr Zelensky said on Wednesday.
The G7 states, along with Australia, agreed to limit payments for Russian oil deliveries by tanker vessel to $60 per barrel from January 1.
It is aimed at reducing Russia’s ability to bypass EU sanctions by selling beyond the European Union at market prices. “Russia has already caused huge damage to Ukraine, and the G7’s decision is a weak position,” Zelensky told reporters in Kyiv.
“The price of oil should be lower than $60 per barrel.” The G7 countries are Canada, France, Germany, Italy, Japan, and the United States. Australia was an observer at the talks on Wednesday in Paris that agreed to cap oil delivery prices to Russia at $60 per barrel.