The European Union is amending its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions. The EU will likely add a 45-day transition to the introduction of the cap, according to a document seen by Bloomberg. The proposed grace period would apply to oil loaded before Dec. 5 – the date oil sanctions are about to start – and unloaded by Jan. 19.
The EU and the Group of Seven had previously discussed setting the cap somewhere between $40 and $60 per barrel. EU ambassadors are scheduled to meet on Nov. 23 with the aim of approving the cap.