The European Commission has asked two EU member states to approve a maximum price for Russian oil of $60 per barrel, writes The Wall Street Journal, citing several sources familiar with the discussions.
According to the WSJ, European diplomats began discussing the proposal on Thursday afternoon, with the US outlet noting that all 27 member states would have to approve the measure and that talks could continue as Hungary has repeatedly said it opposes any new sanctions on Russian energy. .
It is possible that the European Commission will propose a different ceiling after negotiations, although the proposed $60 is an option that experts consider relatively “safe”, stressing that it is a threshold around which the EU executive believes it can reach a consensus. .
Other EU bloc countries, including the Baltic states and Poland, have offered a lower maximum price, but they have faced opposition from Greece, which fears it would affect its maritime trade.
Cyprus and Malta also supported Athens’ position.
The proposal by the community’s executive body came as the price of Ural oil, Russia’s flagship oil, fell to $51.96 a barrel in Russian ports on the Black and Baltic seas on Monday.
Negotiations on limiting the price of Russian oil
However, the $60 offer does not mean a complete capitulation by the Brussels executive, given that European diplomats have been talking about an upper limit of around $65-70 in recent weeks.
The same ceiling of $65-70 was also discussed at the level of negotiations of the G7 group, which, in addition to European countries (France, Germany, Italy and Great Britain), includes the USA, Japan and Canada.
For the measure to be effective, it also needs to be adopted by G7 nations outside of Europe, and it is possible that the group will not immediately reach consensus.
Under the plan, any buyer who pays more than a set maximum would be barred from using European vessels to transport Russian oil. European diplomats also want these supplies not to be provided by EU companies.
Officials in Brussels would like to see the measure passed by December 5, when a separate embargo on Russian oil imports takes effect.
Last week, Ukraine proposed to set a price ceiling for Russian oil in the region of 30-40 dollars per barrel.
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Source: Hot News
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