European Union countries are trying to reach an agreement on capping the price of Russian oil and are likely to delay an agreement on this issue until a broader package of sanctions is agreed upon, Bloomberg reports.
Cyprus and Hungary are among the countries that have expressed opposition to the proposed cap on oil prices, according to people familiar with the current discussions. EU sanctions require unanimity, which gives each country a veto.
Sources said the European Commission was trying to find a compromise with member states over the weekend on the package of measures. Countries may seek a preliminary agreement before an informal meeting of EU leaders in Prague on October 6.
The EU is scrambling to impose tougher sanctions after Russian President Vladimir Putin announced a “partial mobilization” last week and began holding UN-condemned “referendums” on the annexation of territories in Ukraine he still occupies. There were also reports recently that Ukrainian forces discovered a mass grave in the Russian-controlled city of Izyum. Other measures under discussion include controls on diamond imports and a ban on certain steel products.
The EU wants to ban the export of electronic components
In addition, sources told Bloomberg that 27 members are close to approving a proposal to limit exports of weapons-grade electronic components to Russia.
Member states say restricting access to electronic components used in weapons against Ukraine is one of the most effective tools for striking the Russian military, especially as Moscow needs weapons for the nearly 300,000 soldiers it is trying to mobilize.
The EU’s willingness to introduce a cap on oil prices would bring the EU bloc closer to US efforts to keep oil prices from rising.
This month, the G7 reached a political agreement on the price cap, and the Commission said it would work to implement the proposal.
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- The EU is considering new sanctions against Russia, including curbs on oil prices, new restrictions on high-tech exports and new measures against certain individuals
Source: Hot News RO
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