Key EU Nations Weigh Lowering Russia Oil Price Cap Level to $60
- EU needs to find its common position before G7 can move ahead
- Plan aims to keep Russian oil flowing, but capping revenues
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European Union states are discussing capping the price of Russian crude oil at $60 a barrel to help secure an agreement among the bloc’s wider membership and the broader Group of Seven, according to people familiar with the matter.
EU talks on the level at which to cap Russian oil have been stuck since last week. Poland and the Baltic nations have demanded a price that puts more pressure on Moscow’s revenues, arguing that current proposals -- which have gone as low as $62 -- are too generous. Greece and other shipping countries have angled for a higher price.