EU talks stall over price level for proposed Russian oil cap - report

EU talks stall over price level for proposed Russian oil cap - report

Talks between European Union nations on where to set a proposed Group of Seven price cap on Russian oil stalled on Wednesday, Bloomberg News reported on Wednesday, citing people familiar with the matter.

The EU’s executive arm proposed a level of $65 a barrel, which Poland and the Baltic nations rejected as being too generous to Moscow, the people said. But several countries with major shipping industries, including Greece, don’t want to go below $70, the upper end of the range put forward by the EU earlier Wednesday.

Ambassadors are scheduled for more talks Thursday to continue their discussions after some governments likely consult Washington, some of the people said. Hours of fruitless talks on Wednesday made clear that the bloc remains far apart on the price cap, which was first pushed by the US, but a deal is still seen as in reach. EU energy ministers are also set to meet Thursday to discuss measures to contain the price of natural gas.

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