EU Caps Russian Oil Over Ukraine Invasion

The European Union and G-7's plan to starve Russia of resources to fight its war in Ukraine by imposing a price cap on its oil exports on Friday.

On Thursday evening, several European diplomats said the other 26 member states were ready to nod the plan through in time for it to go into effect on Monday along with an EU embargo on Russian crude.

But on Friday, one negotiator told Agence France-Presse (AFP): "The silence from Warsaw is deafening."

The embargo will prevent shipments of Russian crude by tanker vessel to the EU, which accounts for two-thirds of imports, the rest arriving by pipeline.

From Monday, tankers will no longer be permitted to bring Russian crude to Europe – and the price cap is designed to make it harder to bypass the sanctions by selling beyond the EU.

This will reinforce the European embargo, which comes after embargos imposed by Canada and the United States.

Last week, Russia's President Vladimir Putin warned that any attempt by the West to cap the price of Russian oil would have "grave consequences" for world markets.

But the US and several of its allies – the major industrialized democracies, the EU and Australia – have vowed to go ahead.