The agreement comes in the wake of a G7 decision last September to set a ceiling on Russian crude

The EU reached a much-anticipated agreement on Friday afternoon to set a price cap on Russian crude at 60 US dollars per barrel, following several days of intense negotiations between the member-states.

The agreement comes in the wake of a G7 decision last September to set a ceiling on Russian crude, eyed as one way to restrict revenues funneled into Putin-led Russia amid the Kremlin’s continued invasion and attacks in Ukraine.

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