US Loosens Plans for the Oil-Price Cap It Pushed on Brussels

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US officials are scaling back the ambition of their plan to impose a cap on Russian oil prices, we’re told, in a move that likely won’t be well received by some in Brussels. The Biden administration is shifting following skepticism from the energy industry and growing risk in financial markets. The US and EU are likely to settle for a loosely policed cap at a higher price than the stricter system once envisioned. The shift in US thinking comes after officials spent months pressuring the bloc to amend its sanctions on Russian oil and is likely to add to EU frustrations. Brussels already believes the US has placed more emphasis on bolstering global oil supplies and hasn’t always been as prepared as Europe to take an economic hit to punish Russia.