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EU Eyes To Soften Russian Oil Price Cap Plan

OIL

The EU has made several changes to the Russian oil price cap plan, aligning with announcements made by the US and UK, according to a document seen by Bloomberg.

  • The EU eyes to add a 45-day transition to the introduction of the cap, with a grace period affecting oil loaded before 5 Dec and unloaded by 19 Jan, aligning with the clause previously announced by the US and UK.
  • Penalties on ships intentionally carrying Russian oil above the price cap will be limited to a 90-day period, instead of barring vessels indefinitely.
  • EU ambassadors are meeting on Wednesday with the aim of approving the cap.
  • The EU is also proposing a 90-transition period in the event of any future changes to the level of the price cap.

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