EU Balks at US Push to Use Insurance to Cap Russian Oil Prices
- Plan would require the EU to rework its latest sanctions
- German official warns that process may be too complicated
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European officials are skeptical of a US push to set a price cap on Russian oil by potentially easing an EU ban on insurance for the transportation of crude and petroleum products from Russia, according to people familiar with matter.
US Treasury Secretary Janet Yellen said on Monday that talks are ongoing between the US and its allies on how to use the European Union’s insurance ban to limit the price of Russian oil exports. But this would likely require the EU to reopen the legal text of its latest sanctions package, which took weeks to approve and had to overcome significant hurdles since sanctions require unanimity among the bloc’s 27 nations.