U.S. declines to join EU plans to lower Russian oil price cap

The United States has not joined the European Union’s plans to lower the price cap on Russian oil as part of the bloc’s 18th sanctions package, EU foreign policy chief Kaja Kallas said upon arrival at a meeting of EU foreign ministers.

"Even if the Americans are not on board, the other G7 countries are on board, then we will move on with this," Kaja Kallas said.

According to Kallas, the EU has been "very close" to reaching an agreement on the 18th package of sanctions against Russia for three consecutive weeks.

EU member states are seeking to agree either on a reduction of the price cap to $45 per barrel or on the introduction of a flexible cap pegged at 15% below the prevailing market price of oil.