The EU has temporarily frozen the price cap on Russian oil. The… (цена · потолок · нефть)
The EU has temporarily frozen the price cap on Russian oil. The agency reminds that the price cap was scheduled to increase in line with rising global prices after July 15, which would have weakened the European Union's instrument for exerting pressure on Russia through oil prices.
Consensus
- The European Union extended the price ceiling on Russian oil until July 23, 2024.
- The current price ceiling is set at $44.10 per barrel.
- The extension was made to allow more time for negotiations on the 21st package of sanctions against Russia.
- The decision follows a failure by EU member states to reach unanimous agreement on July 15, 2024.
- The price ceiling is intended to maintain pressure on Russia through oil pricing mechanisms.
Points of divergence
- The previous price cap was reduced by 15% every six months relative to the average market price of Urals crude, and the current ceiling is considered insufficiently effective compared to the prior $60 limit. — fontanka
- The latest sanctions package includes a ban on EU companies exporting Russian LNG to other countries and restrictions on selling LNG tankers to Russia. — fontanka
- EU envoys failed to reach consensus on July 15, 2024, leading to the decision to extend the price cap. — interfax
Coverage (3 sources)
- EU temporarily freezes price cap on Russian oil — Фонтанка
- EU to resume talks on Russian oil price cap next week — Интерфакс
- EU Decides to Extend Current Oil Price Cap on Russian Crude Until July 23 — Интерфакс