The European Union is willing to limit Russian oil prices

Photo taken on June 2, 2017 shows a plant of the Udmurtia Petroleum Corp project in Udmurtia, a republic in western Russia. (Xinhua/Bai Xueqi)

EU member states agreed on Friday at a range of US $ 60 a barrel at the price of Russian pirate oil on Friday.

The decision should be formally approved with a written procedure. Details of the deal are to be published in the European Union's legal journal on Sunday.

Under the price limit, if oil is sold for more than US $ 60 a barrel, insurance, finance and other services will be banned for Russian oil delivery.

The European Union was jeopardizing its energy security, the head of the Foreign Affairs Committee of the Duma, the lower house of the Russian Federal Assembly, told the news agency TASS on Friday.

A user is showing the price on March 11, 2022, at a gas station in the German capital Berlin. (Sinhava/Sean Yuki).

The finance ministers of the Group of Seven (G7) countries agreed to impose Russian oil prices limit in September.

Calling the G7 project completely ridiculous, Russia's Deputy Prime Minister Alexander Novak has said that his country will not provide oil and petroleum products to countries that support the price limit, warning. The move could destroy the global oil market. ■