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EU Considers Imposing Price Cap of $65-$70 on Russian Oil

  • European diplomats aim to back G-7 cap plan as soon as today
  • Some countries say proposed range too high to be effective
Bloomberg business news
EU Russian Oil Embargo Supersedes Price Cap: Amrita SenSource: Bloomberg
Updated on

The European Union is discussing a price cap on Russian oil between $65 and $70 a barrel, according to people familiar with the matter, a level that would be more generous to Moscow than many expected when the Group of Seven first proposed the idea.

The range is well above Russia’s cost of production and higher than some countries had been pushing for. As Russia is already selling its crude at discounts, a high cap may have minimal impact on trading.