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EU Rushes to Agree on an Oil Price Cap After Putin’s Threats

  • Oil price cap could feature in new EU sanctions package
  • Details still need to be agreed, potentially stalling a deal
A worker adjusts a valve wheel on pipework at an oil plant in Salym, Russia.

A worker adjusts a valve wheel on pipework at an oil plant in Salym, Russia.

Photographer: Andrey Rudakov/Bloomberg

Updated on

European Union member states are racing to clinch a political agreement within weeks that would impose a price cap on Russian oil. 

The push has gained steam since President Vladimir Putin announced a “partial mobilization” of troops in an escalation of Russia’s war in Ukraine and will likely feature as part of a new package of sanctions to be proposed by the European Commission, according to people familiar with the matter. A cap would align the EU with a US effort to keep the cost of crude from soaring and to hit Moscow’s revenue.