BRUSSELS: Member-countries of the European Union and the Group of Seven have not yet agreed upon a change of the Russian oil price cap, a...
BRUSSELS: Member-countries of the European Union and the Group of Seven have not yet agreed upon a change of the Russian oil price cap, a spokesperson of the European Commission (EC) told reporters on Thursday.
"No [required] majority [of countries] for the time being to change the price ceiling. There is no majority at the G7 level also," the spokesperson said.
The EC spokesman also evaded the issue of whether the EU has initiated the process of Russian oil price cap review by mid-March, as it was set forth by the Brussels’ decision on sanctions against Moscow. "We are communicating [with EU countries - TASS] on this issue. There is a mechanism for the price review. I can confirm that we have made the review from the side of the European Commission," he noted.
The EU, G7 members and Australia introduced the price cap for seaborne shipments of Russian oil at the level of $60 a barrel for ships and territories subordinate to them. Similar restrictions became effective later for supplies of Russian petroleum products.
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