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EU Struggling for Consensus on G7 Oil Cap Level

OIL

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.
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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.