EUROPEAN Union member states have agreed to broaden energy sanctions against Russia, with a $60 per barrel price cap on Russian crude purchases as a ban on imports of seaborne Russian crude into the EU came into force on Monday. The price cap agreement was reached after Poland dropped its demands for a lower ceiling and was adopted by the G7 group of leading economies and several other Western allies as part of their response to Russia's invasion of Ukraine in February. "The G7 and all EU member states have taken a decision that will hit Russia's revenues even harder and reduce its ability to wage war in Ukraine," European Commission President Ursula von der Leyen said. "It will also help us to stabilise global energy prices, benefiting countries across the world who are currently confronted with high oil prices," she said. The European Commission -the EU's executive arm - had initially proposed a ceiling of $70 but the benchmark price of Brent crude has fallen below $90 in recent weeks. The price agreement provides for the ceiling to be reviewed periodically to ensure it is at least 5% below the average market price for Russian crude.
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