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European Talks on Russian Price Cap Resume

OIL

EU ambassadors are meeting this morning for further discussions on sanctions against Russia – the biggest of which surrounds a Russian oil price cap on seaborne exports.

  • The measure has been agreed in principle by G7 nations but delivering the package is proving far more difficult - in a similar fashion to talks on import bans earlier in the year, which mainly because of Hungary, left the EU divided.
  • Hungary - the most vocal critic of Russian sanctions - remains opposed to a Russian oil price cap, along with Cyprus, Greece and Malta who have tanker fleets to consider under sanction measures.
  • EU ambassadors will also further talks this week around protecting energy assets after last weeks attack on Nord stream infrastructure spooked the market that similar action could happen to pipelines still in use such.
Energy BulletsCommodities
Energy BulletsCommodities

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