December 08
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European Union countries have agreed to impose a price cap on Russian oil and other new sanctions, AP reports.

According to an official statement from the Czech presidency of the EU, diplomats reached an agreement in Brussels that also includes restrictions on exports of aircraft components from the EU to Russia and restrictions on steel imports from the country.

The EU will impose a ban on transporting Russian oil by sea to other countries above the price cap that the G7 countries want to impose by Dec. 5, when the EU embargo on most Russian oil takes effect. A specific price has not yet been determined.

Reaching agreement on the price cap has not been easy because several EU countries were concerned that it would hurt their shipping industry. More details about the sanctions will be released as early as Thursday.

The new sanctions package was proposed by European Commission President Ursula von der Leyen last week.

The new sanctions also include an expanded import ban on goods such as steel products, wood pulp, paper, machinery and appliances, chemicals, plastics and cigarettes.

A ban on IT, engineering and legal services to Russian organizations will also go into effect.

EU measures to date include restrictions on energy supplies from Russia, bans on financial transactions with Russian entities, including the central bank, and asset freezes on more than 1,000 people and 100 entities.

The EU's planned ban on most Russian oil products may force Russia to lower prices to find new buyers. OPEC oil-producing countries are meeting Wednesday to discuss cutting production to boost oil prices, which would help Russia.

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