The bloc seeks to keep the threshold – which Moscow has dismissed as illegal – at below $60 per barrel, the report claims
The EU is mulling a temporary freeze on its price cap on Russian oil as the US-Israeli war against Iran led to soaring energy prices and global economic shock, Bloomberg reported on Sunday, citing sources.
The proposed measure is part of the EU’s 21st sanctions package against Russia over the Ukraine conflict, which is set to be discussed in early June. Under the current oil price cap mechanism, Western entities are barred from handling Russian oil above the mandated threshold, which is automatically set every six months at 15% lower than the average market rate for Russian Urals crude.
The current price threshold is $44.10 per barrel, while the Urals market price floats around $86 per barrel, although it is significantly lower than the $120 per barrel seen at the height of the Iran crisis.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: rt.com
