EU Still Discussing Russian Oil Cap Level

The EU is “ready to go” with efforts to impose a price cap on Russian oil according to Ursula von der Leyen earlier in Bali at the Group of 20 summit but added that a level for the cap had still not been decided.

• “We have set all the tools necessary in place in the European Union,” she said, adding, “It is important not only to dry out the war chest of Russia but also very important for many vulnerable countries to have an acceptable level of prices.”
• US treasury Secretary Janet Yellen said earlier that the Russian price cap will give buyers more leverage to negotiate lower prices. "We see the price cap is something that benefits China benefits India, and benefits all purchasers of Russian oil," Yellen said.