Ambassadors of the European Union will propose to the European Commission on September 28 to impose a cap on oil prices and other sanctions against Russia, while at the same time lifting some of the others, reports Politico.
Simultaneously with the decision on new sanctions, the EU will propose easing a number of previous sanctions on other goods, effectively lifting a ban on the union’s vital supplies of fertiliser and cement from Russia, officials told Politico. One official described it with the phrase “do ut des”, a Roman law formula that effectively means “you to me, I to you”.
The new EU sanctions would mean that shipping and insurance companies would be barred from transporting or insuring Russian oil if the price at which Moscow sells it is above a certain limit. The limit is the price at which Russian oil is currently sold in Asia, some 30 per cent cheaper than current European oil prices.
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