(MENAFN) As of Monday, officials told Reuters, European Union states were unable to reach consensus on a suggested price restriction for seaborne Russian crude oil. According to reports, Poland and several Baltic states have urged that the USD65-70 amount put up by the G7 nations be lowered even further in an effort to limit Russia's ability to fund its military action in Ukraine.
Moscow is not going to experience the expected impact, according to Warsaw, who also notes that the price of the nation's oil is now fluctuating between USD52 and USD63.50 per barrel. Poland, along with Lithuania and Estonia, has pushed the bloc to impose a cap of USD30, allowing Moscow to earn just USD10 per barrel oil profit, assuming a USD20 per barrel production cost. The three nations have also demanded a more comprehensive description of the next set of penalties against Russia and want to include a review mechanism that would allow the cap to be reduced further if necessary.
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