EU set to approve cap on price of Russian oil

The European Union looks set to approve a cap on the price of Russian oil after Poland gave its backing.

The plan, which stops countries paying more than $60 (€57; £48) a barrel, needed the agreement of all EU states.

Poland announced its support on Friday after being reassured the cap would be kept at 5% lower than the market rate.

A price cap was put forward by the G7 group of nations in September and aims to stop Moscow profiting from oil exports while avoiding a price spike.

Poland's support for the proposal means the EU can keep to its plan of having a price cap in place by 5 December.

It had been reported that the EU wanted to set the cap at $65-70 but this was rejected by Poland, Lithuania and Estonia as too high.