EU countries have been struggling to find a level at which they can agree to cap Russian crude prices, leaving buyers in limbo.
| European Union governments failed to agree on Monday on a price cap on Russian seaborne crude oil, as Poland insisted that the cap had to be set lower than proposed by the G7 to cut Moscow’s ability to finance“There is no deal. The legal texts have now been agreed, but Poland still can’t agree to the price,” one diplomat said. No new date for talks has been set yet, diplomats said, even though the price cap mechanism is to enter into force on December 5.
Hungary and two other landlocked central European states secured exemptions from that ban for the pipeline imports they rely on. The G7 has proposed a cap of $US65-70 per barrel, but Poland and some others argue this will not hurt Moscow because Russian crude is already trading below that range at $US63.50.
“The Poles are completely uncompromising on the price, without suggesting an acceptable alternative,” the EU diplomat said. “Clearly there is growing annoyance with the Polish position.”
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