A new price cap on Russian seaborne oil will be adjustable over time so that it can react to market developments, Ursula von der Leyen, the European Union Commission president, said in a video message after Poland cleared the way for the move.

The price cap, set at a $60 per barrel, will “stabilise global energy markets”, von der Leyen said, because some oil shipments towards third countries through EU-based players will still be possible, as long as the oil is sold at a price below the cap.

Poland earlier has agreed to the European Union’s deal for a $60 per barrel price cap on Russian seaborne oil, allowing the EU to move forward with formally approving the deal over the weekend.
Source: Reuters (Reporting by Tassilo Hummel, Editing by Louise Heavens)