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EU Softens Russian Oil Price-Cap Plan Ahead of Approval

  • Draft legislation would weaken earlier shipping provisions
  • EU diplomats to discuss, potentially approve cap on Wednesday
Bloomberg business news
WATCH: The EU may announce more details of its proposed price cap on Russian oil exports on Wednesday. Paul Wallace reports.Source: Bloomberg
Updated on

The European Union watered down its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions.

The bloc proposed adding a 45-day transition to the introduction of the cap, according to a document seen by Bloomberg. The proposed grace period would apply to oil loaded before Dec. 5 -- the date oil sanctions are due to kick in -- and unloaded by Jan. 19, aligning the EU to a clause previously announced by the US and the UK.