The price cap numbers have to be approved by all 27
European Union member states. Their ambassadors will meet on
Friday to attempt to reach a deal, three EU diplomats told
Reuters.
Poland and the three Baltic states are still pushing for the
caps to be set at lower levels to curb the revenues Moscow
receives from selling fuel as much as possible following its
invasion of Ukraine, the diplomats said.
One noted, however, that the EU has limited ability to
change the price cap since it is a broader agreement among the
Group of Seven (G7) countries.
The Feb 5. price caps and EU ban on Russian oil product
imports follow a $60 per barrel cap imposed on Russian crude on
Dec. 5 as G7 countries and the EU seek to limit Moscow's ability
to fund its war in Ukraine.
Both caps work by prohibiting Western insurance and shipping
companies from insuring or carrying cargoes of Russian crude and
oil products unless they were bought at or below the set price
cap.
EU country ambassadors will also resume talks on Friday on
extending sanctions to Belarus, to crack down on the
circumvention of sanctions on Russia by companies routing banned
products through its neighbour, the three diplomats said.
(Reporting by Kate Abnett, Gabriela Baczynska
Editing by Gareth Jones)
BRUSSELS, Feb 1 (Reuters) - EU countries will seek a
deal on Friday on a European Commission proposal to set price
caps on Russian oil products, after postponing a decision on
Wednesday amid divisions between member states, diplomats said.
The European Commission proposed last week that from Feb. 5
the EU apply a price cap of $100 per barrel on premium Russian
oil products such as diesel and a $45 cap per barrel on
discounted products such as fuel oil.
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