US EditionEU Proposes New Russian Oil Price Cap Amid Global Tensions
EUROPEAN UNION, JUL 8 – The EU considers new sanctions targeting Russian oil, banks, and infrastructure amid disagreements over lowering the oil price cap from $60 to about $45 per barrel.
- On July 11, the European Commission introduced a proposal to replace the fixed $60-per-barrel limit on Russian oil, established in 2022, with a flexible pricing mechanism linked to global crude prices.
- The move responds to a decline in global oil prices that has reduced the effectiveness of the fixed cap and is part of the EU's 18th sanctions package.
- The proposed cap would be reviewed and updated quarterly in response to changes in market prices, aiming to limit Russian oil earnings despite opposition from some EU countries such as Slovakia and Hungary.
- An EU diplomat told Reuters that a mechanism is necessary which can respond to fluctuating prices while limiting revenue intake, and energy experts caution that this adjustment might complicate Russian export logistics and insurance processes.
- The price cap overhaul requires unanimous approval by all 27 EU states, but early signs indicate difficulties due to opposition, especially from Slovakia, suggesting challenges ahead for enforcement.
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The European Union is putting in place a new roof for the price of Russian oil, less than the present, under the 18th anti-Moscow sanctions package, inform Bloomberg
EU considering tougher Russian oil price cap as bloc aims to pass 18th sanctions package, Bloomberg reports
The proposed price cap would be set at 15% below the market rate based on a 10-week average, lowering the threshold to $50 down from the current cap of $60, people familiar with the matter said.
ThePatriotLight - European Commission proposes Russian oil price cap 15% below global priceEuropean Commission proposes Russian oil price cap 15% below global price
Thanks to oil and gas experts, Vladimir Putin continues to roll the much-needed ruble for his Ukraine war. The EU now wants to strike the "last coffin nail" in Putin's empire with a new package of sanctions.
EU Floats Dynamic Price Cap on Russian Oil Under Market Pressure
The European Commission has proposed a major overhaul to its Russian oil price cap regime, introducing a floating benchmark tied to global crude prices in an effort to regain control over a sanctions tool that has lost impact as oil markets decline
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