Czech EU presidency announces agreement reached over Russian oil price cap

BRUSSELS. Dec 2 (Interfax) - Members of the European Union have agreed a cap on Russian oil prices, the Czech EU presidency said.

"Ambassadors have just reached an agreement on price cap for Russian seaborne oil. Written procedure follows, decision will enter into force on publication in the Official Journal," the Czech presidency tweeted.

The decision will come into effect once the relevant document is published in the Official Journal of the EU, it said.

Meanwhile, according to Bloomberg, the cap was set at $60 per barrel.

For his part, Wall Street Journal journalist Laurence Norman said on Twitter that according to his data, it was decided to review the cap bi-monthly for Russian oil prices to be always capped at least $5 per barrel below the quotations set by Russia.

The high-ranking representatives from EU countries began discussing the initiative on Thursday.

Earlier this week EU negotiators resumed talks over setting a specific limit on Russian oil. The bloc members were to have agreed the matter by the end of November, but were at odds with one another.

On Thursday, Russian Foreign Minister Sergei Lavrov said that Moscow was not interested in what "cap" on Russian oil prices there will be and will negotiate with its partners directly.