The agreement on a price ceiling, something that has long been discussed between the countries, was reached on Friday.
Poland has previously expressed doubts about the level of the price ceiling, but the country's EU ambassador announced on Friday evening that it had approved the settlement.
The members of the union will thus have to pay a maximum of 60 dollars per barrel of Russian oil from Monday.
The aim is to limit income from oil exports.
Can sell to other countries
Torbjörn Becker, director of the Eastern Economic Institute at the School of Economics, does not believe that the new price ceiling will have any major effect.
- It is a rather generous ceiling from the EU, he says.
For the EU, it is a balancing act – they want to find a level that Russia can accept, which at the same time means that the country's export income will decrease.
For Russia, the alternative is to ship the oil to other parts of the world, which will be more costly.
- $60 per barrel is not a very low price for Russian oil, so there are economic incentives for Russia to agree to this, he says.
“Needs to be more ambitious”
The effect on the Russian economy will be marginal, he believes.
- You need to be more ambitious about this price ceiling if it is really to have an effect on the Russian economy.
Then you need a price ceiling that is closer to 30 dollars per barrel than 60 dollars per barrel.
Higher fuel prices are a deterrent
At Swedish petrol pumps, the new roof will not have any major effect.
That's what SVT's economics commentator Alexander Norén thinks.
Russia would not accept a too low price ceiling.
That would reduce the supply of oil in Europe, which in turn raises fuel prices.
It is something the EU countries have tried to avoid, says Norén.
- It is designed so that it does not take away too much of the price.
Maybe on the margin it makes Russian oil a little cheaper, he says.
See SVT's entire live broadcast about the price ceiling on SVT Play.