The EU is considering temporarily suspending the price cap on Russian oil amid the ongoing blockade of the Strait of Hormuz, Bloomberg reported.
"The European Union is considering temporarily freezing the price cap on Russian oil as the war in the Middle East enters its fourth month",
the agency said.
According to Bloomberg, European countries want to keep the cap at its current level of $44.10 per barrel.
The price cap is set to be reviewed in July, which could result in the level rising to at least $65, compared to the previous threshold set by the G7 at $60.
