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Free AccessEU Struggling for Consensus on G7 Oil Cap Level
EU nations remain divided on setting a price cap on Russian oil as part of G7 efforts to hamper Kremlin revenues. The touted $65-70/bbl range has been criticized by many for not being harsh enough and not representing an actual functioning cap.
- "There are a lot of bilateral talks going on now at very high levels. There will be a meeting of representatives of all EU countries once there is progress. There is no point in calling another meeting if there is no change," one EU diplomat said to Reuters.
- Six EU nations are reported to oppose the current price cap levels.
- Poland has pushed one of the toughest proposals asking for a $30/bbl cap, which is seen as too much of a stretch by many EU nations.
- "In principle, Poland supports the price cap on the Russian oil but the proposed level is extremely too high," said Adrian Biernacki, a spokesman for the Polish representative to the EU.
- Cyprus, Greece and Malta, countries with big shipping industries that stand to lose most if Russian oil cargoes are obstructed. They have been arguing for a higher cap as a result.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.