European Union officials once again failed to agree to the terms of a price cap on Russian oil sales, with negotiations continuing with a week left to implement it
European Union officials once again failed to agree to the terms of a, with negotiations over the details of the unprecedented sanctions program continuing with a week left to implement it.
Officials from Poland, Estonia and Lithuania viewed the proposed prices as too high, though EU diplomats said gaps have narrowed in recent days and they remain optimistic that the bloc willTankers carrying liquefied natural gas are floating off Europe's coast, waiting for the price of the fuel to rise. WSJ’s Joe Wallace explains how the tankers are Europe’s attempt to address the energy shortage and what it might mean for the continent this winter.
According to diplomats, the European Commission on Monday presented new details to officials from member states on enforcing the price cap, which addressed concerns from some of the countries about how the system would operate. Last week, Poland had suggested a price cap of $20 to $30 per barrel, arguing that was close to Russia’s oil production costs, a position supported by Ukrainian President Volodymyr Zelensky. Poland also wants the EU to agree to a ninth package of sanctions against Russia over itsSome observers say that a price around $65 per barrel would do little to reduce Russia’s oil revenues. Last week, Russia’s Urals crude fetched $55.
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