European Union states are discussing capping the price of Russian crude oil at $60 a barrel to help secure an agreement among the bloc’s wider membership and the broader Group of Seven, Bloomberg reported citing people familiar with the matter.
EU talks on the level at which to cap Russian oil have been stuck since last week. Poland and the Baltic nations have demanded a price that puts more pressure on Moscow’s revenues, arguing that current proposals - which have gone as low as $62 - are too generous. Greece and other shipping countries have angled for a higher price.
It’s not clear whether all the nations in the two groups are open to $60 but most are if the level is coupled with other demands being met, the people said, adding that discussions are still ongoing.
The $60 figure has yet to be formally proposed and discussed by the bloc at large. EU ambassadors were meeting on Wednesday for a regularly planned weekly session but the cap isn’t on the formal agenda. Any agreement at EU level would require the backing of all member states, as well as the support of the G-7. One of the people said the $60 figure would fit within the G-7’s range.
