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EU struggles with the cap on Russian oil prices.

Governments in the European Union disagreed on Thursday over the appropriate cap on Russian oil prices to prevent a sudden shock in the world oil supply while limiting Moscow’s ability to finance its conflict in Ukraine. If positions converge, further negotiations could take place on Friday.


On Wednesday, the EU states were unable to agree on a price restriction for Russian seaborne oil since the G7’s suggestion of $65-70 per barrel was viewed as both too high and too low by different parties.


In order to resolve their disagreements and come to an agreement before the price ceiling is set to take effect on December 5, the European Commission, the Czech EU presidency, the United States, and Germany, the G7 presidency, all held discussions on Thursday.


‘Numerous high-level bilateral discussions are now taking place. Once progress is made, representatives from every EU member state will gather. If nothing has changed, there is no point in calling another meeting,’ a diplomat from the EU said.


Six of the EU’s 27 member states, according to diplomats, oppose the G7’s suggested price cap threshold.


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