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NYT: Poland Approves USD60/bbl Cap On Russian Oil Prices-Diplomat

POLAND

NYT reporting comments from Poland's permanent representative to the EU Andrzej Sados stating that the gov't in Warsaw has formally approved the G7 oil price cap on Russian crude of USD60/bbl, with a review mechanism in place.

  • States that the EU can now move ahead with a written procedure of approval from all member state gov'ts, with the deal to be formally announced on 4 Dec.
  • Poland has proved a long-term holdout on the price cap, arguing that the USD60/bbl level was too high and not sufficiently punitive for Moscow.
  • The right-wing populist Polish gov't of PM Mateusz Morawiecki faces a general election in 2023, and in a nation with an historically high level of animosity towards Russia the efforts of the past week can be seen partially as an attempt to prove the governing United Right coalition's credentials in opposing Putin.

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