LIVE UPDATES: Emergency Blackouts Introduced in Kiev - Energy Company

On Friday, the European Union reached an agreement on setting a price cap on Russian oil at $60 per barrel. The agreement reportedly provides for a review mechanism to keep the price cap at 5% below the market value. The G7 nations and Australia also agreed to set a $60 price ceiling on oil from Russia, which will enter into effect on December 5.

A sustainable peaceful solution to the situation in Ukraine should include an agreement between the United States and Russia, former Austrian Ambassador to Russia and director of the Vienna School of International Studies Emil Brix said on Saturday.

"It is clear that a stable solution [to the Ukrainian crisis] should include an agreement between the US and Russia, as NATO also plays a role in this conflict, and we should ensure that the Russian side will not use nuclear weapons. Both can be clarified only during negotiations between Russia and the US," the diplomat told Austrian newspaper Kleine Zeitung.

Brix admitted, however, there have been no good signals on the matter, since Moscow has postponed the talks scheduled between the two countries on disarmament, whereas the US is focusing its attention on deterrence to prevent the use of nuclear arms.

The former Austrian ambassador also noted that from the EU perspective the existence of Ukraine should also be ensured, with certain guaranties provided to Kiev. One of these guaranties could be Ukraine's defense capabilities "vis-a-vis Russia like it is enshrined in every neutral state."

"It would mean that Ukraine should be so equipped that it could stand up to Russia militarily," Brix added.

Emergency electricity blackouts have been introduced in Ukraine's capital of Kiev on Saturday, Ukrainian utility DTEK Grids said.

"Emergency electricity outages are taking place in Kiev. The schedules for stabilization power cuts that were prepared earlier are not functioning yet. Specialists from DTEK along with experts from [Ukraine's energy utility] Ukrenergo... are doing everything in their power to stabilize the situation as soon as possible," the company said.

Earlier in the day, emergency power outages were also introduced in the Odessa region, according to local officials.

On Friday, the Ukrainian Energy Ministry said that the government would closely monitor electricity blackouts introduced by local authorities across the country, as more and more people started complaining about irregularities regarding scheduled power cuts.