This sets up a workable war reparations sanction regime whereby after the war and after Putin is gone and when Europe can again buy Russian oil, the excess of market price over $60 can be paid by EU directly to Ukraine (on behalf of Russia) as reparations to help rebuild Ukraine.
I would expect such a reparations payment stream to last at least 10 years. This is the price future Russians will pay for permitting Putin to bomb Ukraine into oblivion.