June 22, 2022 08:30 GMT
EU officials are skeptical of the US effort to set a price cap on Russian oil with its implications of potentially easing an EU insurance ban on Russian crude and product shipments.
- The EU took weeks to agree the initial ban which it was unable to get over the line at the severity it wanted due to Hungary’s unwillingness to agree concessions.
- The EU are understood to be open to the US price cap on Russian oil touted by Janet Yellen this week, but only if it does not require the framework of the initial EU oil ban against Russia to be adjusted.
- Germany have said this week that implementing a price mechanism on Russian oil would be a ‘very complicated issue.’