Representatives of the governments of EU member states will resume discussions on the price ceiling for Russian oil on Friday evening, several European diplomats told Reuters.

European Union governments were divided on Thursday over how much to cap Russian oil prices to limit Moscow’s ability to finance its war in Ukraine without triggering a global oil supply shock. The restriction should come into effect on December 5.

The idea behind the cap is to prevent shipping, insurance and reinsurance companies from handling cargoes of Russian crude around the world unless it is sold at a price below the price set by the G7 and its allies.

Since the world’s major shipping and insurance companies are located in the G7 countries, the price cap will make it harder for Moscow to sell its oil – its biggest export, which accounts for about 10% of global supplies – at a higher price.

Poland, Estonia and Lithuania pushed for a much lower limit than the $65-70 a barrel proposed by the G7, while Greece, Cyprus and Malta lobbied for a higher limit or some form of compensation as they wait for their shipping companies to reduce their business.

EU diplomats, speaking on condition of anonymity, said it was unclear how close the two sides were to a deal.

“The latest information is that Poland, Estonia and Lithuania are trying to outdo each other on how tight the price cap should be,” said one diplomat close to the talks, adding that Poland wants to tie the price cap deal to a new package of sanctions against Russia.

“Meanwhile, Malta, Greece and Cyprus are interested in the money, regardless of how they could get it – through a higher limit, compensation, etc. So the positions are still very distant, and the US is not involved in mediation between the two sides,” the diplomat said.