Holdout Poland approves EU's $60 Russian oil price cap, with adjustment mechanism

Poland has agreed to the European Union's deal for a $60 per barrel price cap on Russian seaborne oil, allowing the EU to move forward with formally approving the deal over the weekend, Poland's Ambassador to the EU Andrzej Sados said on Friday.

Warsaw had held out on approving the deal to examine an adjustment mechanism to keep the cap below the market price. Sados said this mechanism would keep the price cap at least 5% below the market rate.

The EU can now launch a written procedure to approve the deal, and aims to formally announce it on Sunday, he said.