US Pressuring EU On Price Ceiling For Russian Oil - Reports

MOSCOW (Pakistan Point News / Sputnik - 28th November, 2022) The United States is pressuring the EU member states to impose a price cap on Russian oil, Politico reported on Monday.

Last week, media reported that the European Union was discussing the introduction of a price ceiling for Russian oil of between $65 and $70 per barrel, in order to reduce Russia's income from resource exports. However, Poland and the Baltic states considered this proposal "too generous" for Moscow and suggested a price cap that was twice as low, according to the reports. The negotiations are expected to continue on Monday.

One senior diplomat from a Mediterranean member country told Politico that the EU had been experiencing "pressure from the US" to agree on an oil price.

The news outlet added that the EU was under increased pressure from the G7 members as well.

According to the outlet, the EU price cap, if agreed on, is scheduled to come into force on December 5, synergizing with a similar UK ban as well as a ban on seaborne imports of Russian oil.

Western countries have been seeking ways to limit Russia's income from oil and gas exports since the country launched a military operation in Ukraine on February 24. In September, the G7 finance ministers confirmed their intention to impose a price cap on Russian oil and urged all nations to support the initiative. In October, the EU introduced its eighth package of sanctions against Moscow, which included a legislative basis for setting a price cap for maritime shipments of Russian oil to third countries.

Moscow, in turn, has pledged to stop exporting Russian oil altogether to countries that impose the price cap.