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EU sets price limit for Russian oil, Kremlin opposes

EU sets price limit for Russian oil, Kremlin opposes

EU member states agreed on Friday to a ceiling price of $60 a barrel for Russian crude after Poland dropped its objections.

Euractiv reports that EU ambassadors had 'wrangled' for days over the details of the deal, with tougher member states adding new conditions, including a requirement that the price cap be reviewed in mid-January and every two months thereafter. .

The price cap, an idea of ​​G7 states, aims to reduce Russia's revenue from oil sales by preventing a rise in global prices after an EU embargo on Russian oil takes effect on December 5.

But Russia will not accept a price cap on its oil and is analyzing how to respond, Reuters says .

Kremlin spokesman Dmitry Peskov said Moscow had made preparations for Friday's award announcement by the Group of Seven countries, the European Union and Australia.

"We will not accept this cap," the RIA news agency quoted him as saying. He added that Russia will conduct a quick analysis of the agreement and respond after that.

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