EU tentatively backs $60-per-barrel price cap on Russian oil

BRUSSELS (AP) — The European Union has tentatively agreed to a $60-per-barrel price cap on Russian oil. It’s a key step as Western sanctions aim to reorder the global oil market to prevent price spikes and starve President Vladimir Putin of funding for his war in Ukraine. They needed to set the discounted price that other nations will pay by Monday (Dec. 5, 2022) when an EU embargo on Russian oil shipped by sea and a ban on insurance for those supplies take effect. The price cap is led by the Group of Seven wealthy democracies and still needs their approval. It aims to prevent a sudden loss of Russian oil to the world that could lead to a new surge in energy prices.