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CED’s Policy Backgrounders provide timely insights on prominent business and economic policy issues facing the nation.
On Friday, the EU agreed to a price cap on Russian crude oil at $60 per barrel as part of a sanctions regime spurred by Russia’s invasion of Ukraine. The proposal, first proposed by the US, was initiated by the G7 as an alternative to sanctions that threatened greater economic disruption and comes days ahead of a December 5th deadline when major EU sanctions are scheduled to go into effect. These additional EU sanctions include an EU ban on Russian maritime oil imports, one of Russia’s largest markets. Non-European G7 countries and Australia, having supported a version of this proposal, quickly approved the agreement on Friday. The cap comes in addition to direct bans on crude imports by participating countries. It is intended to bring down the price of Russian oil broadly on global markets, curbing Russian revenues while still ultimately allowing the oil to be sold in order to not destabilize the global energy markets.
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