The European Union has decided to postpone lowering the price cap on oil from Russia amid the conflict in the Middle East, Politico reports, citing European diplomats.
‘The EU will not push ahead with plans to introduce <…> a new price cap on <…> Russian oil <…> amid concerns that the new conflict in the Middle East will drive up oil prices,’ the publication says.
The publication’s interlocutors noted that the exchange of blows between Israel and Iran means that the plan to lower the oil price cap is ‘no longer feasible.’
‘At the G7 meeting, all countries agreed that they would prefer not to take this decision [to lower the oil price cap – ed.] right now,’ Politico quotes one of the diplomats as saying.
Earlier, the Financial Times wrote that the European Commission, with the support of EU countries, plans to tighten anti-Russian sanctions by lowering the price cap on Russian oil from $60 to $45 per barrel.
