Estonia warns it will veto EU price cap on Russian oil

Must read

This is the second-biggest home price correction of the post-WWII era—it’s also a fairly mild correction

On one hand that 2.5% drop in U.S. home prices marks the second-biggest home price correction of the post–World War...

ChatGPT just created a new tool to catch students trying to cheat using ChatGPT

The maker of ChatGPT is trying to curb its reputation as a freewheeling cheating machine with a new tool that can help teachers detect...

The professor who wrote the book on digital surveillance says that Elon Musk’s Twitter takeover means our political stability, health and sanity come down...

Elon Musk has been in the news for years, but nothing compares to the splash he made in 2022 when he bought Twitter. A...

UPDATE: Acquittal of Pro-Life Activist Sparks Questions Regarding FACE Act Relevance

Last year the nation was rocked when the leaked Supreme Court decision to reverse Roe v. Wade hit...

The proposed $65-$70 per barrel limit has been called “too generous” for Moscow by Poland and the Baltic states

A price cap on Russian oil proposed by the European Commission is too high and may be blocked by Estonia, Minister of Foreign Affairs Urmas Reinsalu said on Thursday, as quoted by Estonian state broadcaster ERR. 

The proposal by Brussels to set a limit of between $65 and $70 per barrel on Russian sea-borne oil is insufficient, he stated, arguing that Moscow would make too much revenue at that price. 

“Estonia finds that the price horizon’s ambition is too low, considering that the EU has also failed to agree on a ninth sanctions package. The cap seems too high,” Reinsalu said at a government press conference, adding that discussions were ongoing.

Earlier, EU energy chief Kadri Simson confirmed that bloc members had failed to reach an agreement on a Russian oil price cap, but said negotiations would continue. 

Estonia’s warning came after EU leaders had already watered down the proposed cap by weakening some shipping provisions and delaying the implementation of the measure. Under the updated plan seen by Bloomberg, a grace period would apply to crude loaded before December 5, when oil-related sanctions come into effect, and unloaded by January 19.

If approved, the measure would ban Western companies from providing insurance, brokerage or financial assistance to vessels loaded with Russian crude, unless the cargo is purchased below an agreed price. It is hoped that the price limit would allow Russian production to remain at pre-sanctions levels, but reduce the country’s oil revenue.

The proposal was reportedly rejected by Poland along with all three Baltic States, which called the cap “too generous” for Russia and pushed for the price ceiling to be imposed at $30 per barrel. Meanwhile, nations with major shipping industries like Greece and Malta insisted the cap should not be below $70.

On Thursday, Kremlin spokesman Dmitry Peskov said Moscow would embargo nations that support the proposed price limit on its oil.

For more stories on economy & finance visit RT’s business section

More articles

Latest article

This is the second-biggest home price correction of the post-WWII era—it’s also a fairly mild correction

On one hand that 2.5% drop in U.S. home prices marks the second-biggest home price correction of the post–World War...

ChatGPT just created a new tool to catch students trying to cheat using ChatGPT

The maker of ChatGPT is trying to curb its reputation as a freewheeling cheating machine with a new tool that can help teachers detect...

The professor who wrote the book on digital surveillance says that Elon Musk’s Twitter takeover means our political stability, health and sanity come down...

Elon Musk has been in the news for years, but nothing compares to the splash he made in 2022 when he bought Twitter. A...

UPDATE: Acquittal of Pro-Life Activist Sparks Questions Regarding FACE Act Relevance

Last year the nation was rocked when the leaked Supreme Court decision to reverse Roe v. Wade hit...

Maxine Waters Goes After Manchin and Sinema – Suggests They Don’t Care About Police Reform

Representative Maxine Waters took a shot at two Democrat Senators — Kyrsten Sinema and Joe Manchin — suggesting...