The European Union will not move forward with plans to set a new price cap for Russian oil. The decision is linked to concerns that a new conflict in the Middle East will lead to higher oil prices.
Politico writes that the proposal, which envisaged lowering the maximum price for Russian oil from $60 to $45 per barrel, was to be discussed by the bloc’s foreign ministers in Brussels on Monday. However, two diplomats said that the escalating conflict between Israel and Iran meant that the plan was no longer feasible.
“The idea of lowering the price cap is probably not going to happen because of the international situation in the Middle East and the instability. At the G7 meeting this week, all countries agreed that they would prefer not to make a decision right now. Prices were quite close to the cap, but now they are rising and falling, the situation is too unstable at the moment,” the source said.
The reduction in the maximum price initially proposed by Ukraine was included in the text of the 18th package of EU sanctions. However, as experts note, without the support of US President Donald Trump, the implementation of this idea is in question.
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