The European Union is extending negotiations to set a cap on Russia’s oil price

The European Union is extending negotiations to set a cap on Russia’s oil price
The European Union is extending negotiations to set a cap on Russia’s oil price

The European Union is extending negotiations to set a cap on Russia’s oil price

Representatives of the member states of the European Union have extended their negotiations on the introduction of a strict price cap for Russian oil exports, indicating the possibility of disagreements between member states on this issue.

Bloomberg news agency pointed to Poland’s rejection yesterday of a proposal by the European Commission, the Union’s executive branch, to cap the price of Russian oil at $65 a barrel, saying it is very flexible for Moscow. Greece, a major player in the oil transport industry, also refuses to cap prices below $70 a barrel.

European diplomats said negotiations on the Group of Seven’s price cap proposal will resume tonight, Thursday, while an agreement can be reached that will guarantee the continued flow of Russian oil to markets while simultaneously increasing the revenues of Russian oil State reduced from export earnings.

On the other hand, critics of the Commission’s proposal say the cap is no lower than the prices at which Russia is currently selling its crude oil, as it is selling at reduced prices in the face of European sanctions imposed on Moscow to attract customers after the war against Ukraine since last February.

For its part, Russia hinted at the possibility of changing its position on the proposed price cap, after earlier saying it would not sell crude oil to countries that adhere to the price cap. But the situation has changed today.

Kremlin spokesman Dmitry Peskov said: “Given these numbers, we will analyze all this before setting our position. So far it is difficult to predict the impact of this decision on the oil market.”

Peskov, in response to a question about how Russia would react to the price cap if it were imposed at prices at or above market levels, added: “We are now working from President (Russia Vladimir) Putin’s position. We will not be looking at oil and gas.” Countries supplying or joining a price cap, but given these numbers we need to analyze all of this before formulating our position.”

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