Tuesday, December 6, 2022

Bloomberg: EU set to soften Russian oil price cap plan

by The Kyiv Independent news deskNovember 23, 2022 12:28 am

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. 

The Kyiv Independent news desk
The Kyiv Independent news desk

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