EU to set aside Russian oil cap plan – Bloomberg

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European Union nations are struggling to reach an agreement on imposing a price ceiling on Russian oil and will likely push back the idea until after a broader sanctions package has been agreed, Bloomberg is reporting on Monday.

According to the media outlet, citing sources familiar with the ongoing talks, Cyprus and Hungary are among the countries that have expressed opposition to the oil-price cap proposal. Meanwhile, EU sanctions require bloc unanimity, giving each nation an effective veto.

Sources told Bloomberg that the European Commission had met with member states over the weekend to try to find a compromise on the sanctions package. Many details reportedly still need to be ironed out, including at what price the allies would set the cap. The sources also said that any measures would need to take effect before December 5, when previously adopted EU measures take force that ban the import of seaborne oil as well as the services needed to ship it.

“The EU push to impose a price cap on Russian oil would align the bloc with a US effort to keep the cost of crude from soaring and to eat into Moscow’s revenue from energy sales,” Bloomberg wrote.

Earlier this month, the Group of Seven (G7) nations reached an agreement to block shipment of Russian crude above the set price.

Western leaders agreed in June to explore a price ceiling to limit how much refiners and traders can pay for Russian crude. Moscow has made it clear that it would not comply, instead shipping its crude to countries not bound by the cap. Deputy Prime Minister Alexander Novak has warned that nations that support the price cap will not get Russian crude.

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