EXPERT COMMENT
Unpacking the feverish debate behind the EU agreement for a $60 price cap on oil deliveries from Russia, and the geopolitical implications of the deal.
Since the start of Russia's illegal war on Ukraine, the West has struggled with the difficult question of how to curb Russia's oil cashflows. How should they cut off Vladimir Putin's energy profits - used to line Russia's war chest - while also protecting their economies from price spikes?
After months of member state wrangling and debate, the European Union (EU) has finally agreed a plan which will ban seaborne imports of Russian oil and introduce an oil price cap at $60 a barrel.
The price cap, initially put forward by the G7 in September, is expected to be agreed on 5 December and will see sanctions take immediate effect. However the proposal has been met with mixed reactions by different EU member states, and all eyes are now on Russia to see how the country will react.
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