EU agrees on price cap for Russian oil over Ukraine war

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

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

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. They will be published as soon as Thursday. They 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 from it.

The moves build on already-unprecedented European sanctions against Russia as a result of its war against Ukraine since February. 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 meet on Wednesday to discuss cutting output to boost oil prices, which would help Russia. (AP)