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Permanent Reps To Meet @ 1845CET To Discuss Russia Oil Price Cap

EU

Wires reporting that according to an EU diplomat, EU permanent representatives are set to meet at 1845CET (1245ET, 1745GMT) to discuss the proposed price cap on Russian oil. There had been hopes among the G7 that a deal would be reached last week, but wrangling between EU member states on the level of the cap has resulted in significant delays.

  • Some nations, notably Russia hawks such as Poland and the Baltic states, are proposing a very low cap, to act as punishment for Moscow in its war against Ukraine.
  • The Commission's original proposal of USD70/bbl has been decried as too high to have any impact by some EU members. However, nations such as Greece, Cyprus, and Malta with sizable shipping industries have argued that a very low cap could backfire, delivering significant damage to their own economies while not significantly impacting Russia's hard currency inflows.
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