EU member states formally approved the cap on Saturday, saying it would "drastically reduce the revenues Russia has earned from oil after it unleashed its illegal war of aggression against Ukraine."
In a joint statement with Estonia and Lithuania, the Polish government said on Saturday that the agreement aims "to limit Russian oil revenues, while mitigating adverse consequences on energy supply to third countries."
"The initial oil price cap at the level of USD 60 is the result of long negotiation within the G7 and EU27," the statement said.
"The oil price cap will ensure the effectiveness of sanctions imposed on Russian oil," it added.
The Polish, Estonian and Lithuanian ministers for European affairs said in the statement they "have made every effort to ensure that the main goal of the oil price cap, which is to limit Russian oil revenues, is achieved."
They added that the price cap "will be reviewed every two months to respond to developments in the market" and to guarantee that it is "at least 5 percent below the average market price for Russian oil."
The three countries declared that they "will work further to completely stop Russia’s profit from oil sales."
Poland, Estonia and Lithuania also said in their statement that the oil price cap "is just one element of our response to Russia’s aggression against Ukraine."
They added: "We need to continue provide our support to Ukraine by cutting off Russia’s ability to finance the war, including taking into use Russian frozen assets and imposing effective sanctions."
The statement welcomed an announcement by the EU's chief executive, Ursula von der Leyen, "that the EU is working with full speed on the next package of sanctions" against Russia.
"We reiterate the importance of the swift adoption of the ninth sanction package," the statement concluded.
The EU, the G7 group of the world's wealthiest nations and Australia have backed the USD 60 per barrel price cap on Russian oil, according to news reports.
Meanwhile, a senior Ukrainian presidential aide, Andriy Yermak, said on Saturday that the price cap approved by the world's largest economies should be lowered to USD 30 per barrel to hit Russia harder.
Yermak, who is chief of staff to Ukrainian President Volodymyr Zelensky, said on the Telegram messaging service that "it would be necessary to lower" the cap to USD 30 "to destroy the enemy's economy quicker," according to the Reuters news agency.
The G7 and Australia said in a joint statement that the cap would take effect on Monday "or shortly thereafter."
The EU formally approved the cap on Saturday after member states resolved their differences and overcame initial resistance from Poland, Reuters reported.
Oil price cap 'will reduce Russia’s revenues significantly'
The EU's chief executive, Ursula von der Leyen, said on Friday that the bloc's "agreement on an oil price cap, coordinated with G7 and others, will reduce Russia’s revenues significantly."
She added that the deal would help "stabilise global energy prices," while "benefitting emerging economies around the world."
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Source: gov.pl, IAR, PAP, Reuters, ukrinform.net, consilium.europa.eu