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2 months ago
The European Commission is reportedly set to propose a floating price cap on Russian oil exports.
The commission is set to propose to the G7 group that the current $60/bl cap be replaced by a floating price, news agency Reuters reported, citing diplomatic sources.
The floating mechanism would adjust based on market benchmarks, with a link to Brent prices likely to be a key component.
The proposal would come as part of the EU’s 18th sanctions package, due to be debated later this month, and would require unanimous approval from all EU member states.
The G7 price cap has been in place since December 2022, aimed at curbing Russia’s income from oil exports in response to its invasion of Ukraine.