EU failed to sign agreement on cap prices for Russian oil| MENAFN.COM

Saturday, 03 December 2022 08:47 GMT

EU failed to sign agreement on cap prices for Russian oil


(MENAFN) EU administrations could not sign an agreement on Wednesday at what level to cap costs for Russian sea-borne oil under the Group of Seven countries project and will continue discussions on Thursday evening or on Friday, according to EU representatives.

Earlier on Thursday legislatures of the EU’s 27 administrations held a meeting in Brussels to talk over a G7 suggestion to set the cost cap in the range of USD65-USD70 a barrel, but the level proved too low for some and too high for others.

“There are still differences on the price cap level. We need to proceed bilaterally,” one EU diplomat stated. “The next meeting of ambassadors of EU countries will be either tomorrow evening or on Friday,” the diplomat made a statement.

The G7, as well as the US, in addition to the whole of the EU and Australia, are slated to apply the price cap on sea-borne exports of Russian oil on December 5.

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