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EU Agreement on Russian Oil Price Cap May Be Pushed Back

OIL

EU nations are reported to be struggling to reach an agreement on a Russian oil price cap and are likely to push back a deal on the issue.

  • EU sanctions require unanimity. Cyprus and Hungary are among the nations that oppose the price cap.
  • The EU push to impose a price cap on Russian oil aligns the bloc with a US effort to keep the cost of crude from soaring.
  • It is unclear how effective a Russian oil price cap would be given its largest customers - China, India and Turkey – have shown little intent to join the pact.

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