Estonia may use its veto power when agreeing on a “too high” price ceiling for Russian oil

The price limit of $65-70 per barrel for oil supplies from Russia seems to the Estonian authorities to be excessively high, because of which Estonia can exercise its veto power when agreeing on a restriction in the European Union. Minister of Foreign Affairs of the Republic Urmas Reinsalu noted the “insufficient ambition” of the EU countries in the issue of approving the price ceiling.

“Given that the EU has also failed to agree on a ninth package of sanctions, the limit seems too high… Clearly expressing our position in a life or death situation such as this war is certainly justified. Therefore, the discussions continue,” said Mr. Reinsalu during today’s press conference in the government (quoted by ERR).

Earlier today, October 24, European Energy Commissioner Kadri Simson confirmedthat the ambassadors of the EU countries failed to agree on a position on the price ceiling for Russian oil during yesterday’s meeting.

The key controversy on this issue, Politico sources said, was the level of the price ceiling: most EU countries support the introduction of a cap in the range of $65-70 per barrel, but Poland and the Baltic countries demand a cap of $30 (the cost of a barrel of Russian oil is approximately $20).

On the price ceiling for Russian energy carriers – in the material “Kommersant” “He’s not low, not high”.

Andrey Sapozhnikov