EU wants to reach agreement on Russian oil price restriction within weeks – Bloomberg

Published by
Peter Kavinsky

EU member states want to reach a ceiling for the Russian oil price within a few weeks.

It has been reported by Ukrinform with reference to Bloomberg.

Pressure gained momentum after Russian President Putin announced a “partial mobilization” of troops in the wake of Russia’s escalating war in Ukraine, and is likely to be included in a new sanctions package the European Commission will propose, the sources say. . The cap would equate the EU with US efforts to keep the price of crude oil from skyrocketing and hurt Moscow’s revenues.

Also read: ministers EU agreed extend new ones sanctions against RussiaReuters

As noted by the agency’s interlocutors, despite new efforts on the part of the European Commission and some Member States, the plan encounters many obstacles and a positive outcome is not taken for granted. It should be noted that decisions on sanctions require unanimity and are particularly difficult in this situation, as each EU member has its own energy needs.

Representatives of EU member states will meet with the European Commission this weekend to discuss new sanctionswhich, in addition to restricting oil supplies, may include additional restrictive measures against individuals and sectors, such as technology and luxury goods.

Also read: World should Get on isolate Russia and intensify sanctionsEstonian minister

According to the interlocutors, many details still need to be agreed, in particular at what price the limit will be set. It also remains unclear how such a limit would apply alongside the EU embargo on Russian oil and the ban on services needed for delivery agreed earlier this year. In any case, there is a certain urgency, as the price cap must be passed before the EU measures take effect on 5 December.

Representatives of national governments in Brussels will try to reach a preliminary agreement on price caps ahead of an informal meeting of EU leaders in Prague on 6 October. But one of the biggest question marks will be Hungary.

It remains unclear how effective the price cap regime will be, especially given that some of the largest buyers of Russian oil, including China and India, have not agreed to it. Even if many buyers do not formally join the coalition, US officials say the price cap could still work, as they can still use the system as leverage in negotiations with Moscow.

Also read: Zelensky: Most head sanctions against rf- to recognise hair sponsor terrorism

According to Bloomberg, implementing the restriction would result in member states putting aside national interests in favor of European solidarity. EU countries that have been granted exemptions for oil coming through their pipelines will want to keep it safe, while countries that import oil by sea may try to tie price caps to the current total embargo on sea shipments to level the playing field.

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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