BRUSSELS, Dec 4 — All European Union governments completed on Saturday the written approval of a US$60 (RM263) per barrel price cap on Russian seaborne oil, the European Commission said, paving the way for its publication in the EU’s Official Journal and entry into force on Dec. 5.

The measure, an idea of the Group of Seven nations, comes on top of the EU’s embargo on imports of Russian seaborne crude that also kicks in on Dec. 5, and is meant to allow oil-related services to third countries only for those cargoes below the cap.