EU countries are ready to agree on the 18th package of anti-Russian sanctions, which includes lowering the price ceiling for Russian oil, Reuters has learned. The agency’s sources said that only one of the bloc’s members has technical objections. A full agreement could be reached as early as July 14, a day before the meeting of foreign ministers in Brussels, where the package could be approved
European Union representatives could agree on the 18th package of sanctions against Russia on July 14, which would include lowering the price ceiling for Russian oil. Four EU sources told Reuters about this. They clarified that all elements of the package had been preliminarily agreed upon, but one of the EU member states still had technical objections to the new price ceiling.
The EU expects to reach a full agreement on July 14 following the July 16 meeting, with a final endorsement expected at a meeting of foreign ministers in Brussels on July 15, the people said. They also agreed on a dynamic pricing mechanism to cap Russian oil prices, the people said. One of the people said the initial price would be about $47 a barrel, or the average price of Russian oil over the past 22 weeks minus 15%. The price would be reviewed every six months, rather than every three months as previously proposed. The European Commission (EC) has proposed introducing a floating price cap on Russian oil at 15 percent below the average market price over the previous three months. Slovakia has agreed to the new measures, but expects the EC to take into account its concerns about plans to phase out Russian gas supplies, the people told Reuters.
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