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EU agrees on price cap for Russian oil over war in Ukraine

AP Reporters

European Union countries have agreed to impose new sanctions on Russia – including an expected price cap on Russian oil – after it illegally annexed four regions in Ukraine, according to an EU official.

EU member-state diplomats struck the deal in Brussels, said the official representing the Czech Republic, which holds the 27-nation bloc’s rotating presidency.

No details of the sanctions were immediately released, but they are expected to be published as soon as Thursday.

The sanctions are expected to include a price cap on Russian oil, curbs on EU exports of aircraft components to the country and limits on steel imports.

The moves build on already-unprecedented European sanctions against Russia as a result of its war against Ukraine.

EU measures to date include restrictions on energy from Russia, bans on financial transactions with Russian entities, including the central bank, and asset freezes against more than 1,000 people and 100 organisations.

The EU is already planning to ban most Russian oil products, which will force Russia to lower prices to find new customers.

Opec oil-producing countries are meeting to discuss cutting output to boost oil prices, which would help Russia.

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