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The European Union on Friday reached a deal to cap Russian maritime oil at $60 a barrel in an attempt to keep global oil prices down but hit Russia’s top moneymaker amid its war in Ukraine.
Under the agreement, Western companies will not be able to insure, finance or ship Russian oil unless it is sold for less than $60 a barrel, The Wall Street Journal reported.
The move is designed to cut Moscow’s oil revenues to better drain Russia’s finances. But it's also an attempt to balance energy prices and inflation concerns by keeping some Russian oil on the market.