EU Edges Closer to New Price-Cap Regime for Russian Oil Trade
Fuel and oil rail wagons at the Zeletsyno train station near Nizhny Novgorod, Russia.
Photographer: BloombergThe European Union took a tentative step closer to a new price-cap regime on Russian oil that would aim to push the price of Moscow’s barrels down even further and keep the pressure on in the future.
Member states are considering a fresh proposal to lower the threshold on Russian oil — currently set at $60 a barrel — and automatically revise it every three months based on market prices, according to people familiar with the matter. One stumbling block has been buy-in from maritime nations — Greece, Malta and Cyprus — but they’re open to the idea, the people said.