Media: EU countries postponed talks on a price ceiling for Russian oil until Monday

The EU countries have not yet come to a consensus on the level at which it is necessary to limit the cost of Russian oil. Negotiations between the parties are postponed until Monday, sources said Bloomberg and Reuters.

The European Union is discussing the marginal oil price at $65-70 per barrel. However, Poland, Estonia and Lithuania are in favor of a significant reduction, as Russia is now selling energy below this level. “Poland, Estonia and Lithuania are trying to outdo each other in their rigidity to the price cap,” a source told Reuters.

In addition, according to Bloomberg, Poland requires additional sanctions, a below-market cap and the introduction of a mechanism to revise the oil price ceiling. Politico earlier reportedthat Warsaw is demanding a ban on the turnover of Russian oil above $30 per barrel.

According to Reuter, Malta, Greece and Cyprus, in turn, are in favor of a higher bar. In the event of a price cap, they will lose part of the income from shipping.

Establishing a ceiling on oil prices is planned as part of the eighth package of EU sanctions. The introduction of restrictions is expected on December 5, on oil products – on February 5. Russian Deputy Prime Minister Alexander Novak in November confirmedthat Russia will not supply oil to countries that join the price ceiling mechanism. The mechanism itself involves a ban on the provision of services, including insurance, to the owners of tankers that transport fuel at a price higher than the established one.

Read more about the EU negotiations on the introduction of the ceiling – in the publication “Kommersant” “The European Union has not reached the ceiling”.

Leonid Uvarchev