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EU Backs Russian Oil Price Cap of $60 Per Barrel
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BRUSSELS—The European Union reached a deal on a $60 a barrel cap on the price of Russian oil Friday, paving the way for the Group of Seven advanced democracies to launch the unprecedented mechanism on Monday, diplomats said.
The EU agreement came after resolving a last-minute push by Poland to lower the cap, which the European Commission, the bloc’s executive body, had originally proposed should be between $65 and $70 per barrel.
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