New price cap on Russian oil is under threat due to US, Bloomberg reports
Illustrative photo: The EU is considering a new price cap on Russian oil (Getty Images)
Attempts by the European Commission to lower the price cap on Russian oil have encountered difficulties. Some EU countries are unwilling to take this step without the United States, Bloomberg informs.
Unnamed diplomats told the outlet that EU countries supporting the introduction of a new price cap on Russian oil fear that, following objections from the United States, achieving unanimity within the bloc will be difficult.
According to Bloomberg sources, a group of EU countries expressed concern about the price reduction at a closed meeting of ambassadors in Brussels on Monday, June 16.
At the same time, some countries also raised the issue of the need to coordinate such measures with the G7, pointing to their unwillingness to act without the United States.
According to the diplomats, the recent rise in oil prices has also complicated the possibility of acting without US support.
Price cap on Russian oil
As of now, the price cap on Russian oil is set at $60 per barrel.
Last week, the European Commission introduced a new sanctions package against Russia, proposing to lower the price cap to $45 per barrel.
On June 14, Bloomberg, citing sources, reported that the United States opposes introducing a new price limit on Russian oil.
However, hope is not entirely lost, as the final decision depends on President Donald Trump.
