EU delays talks on Russian oil cost cap until finally next week, diplomats say

EU delays talks on Russian oil cost cap until finally next week, diplomats say


Rail wagons for oil, gasoline and liquefied gas cargo stand in sidings at Yanichkino railway station, shut to the Gazprom Neft PJSC Moscow refinery in Moscow, Russia, on Monday, April 27, 2020.

Andrey Rudakov | Bloomberg | Getty Illustrations or photos

A conference of European Union governing administration reps, scheduled for Friday evening to focus on a Team of Seven proposal to cap Russian seaborne oil charges, was canceled, EU diplomats reported.

“There was not more than enough of a convergence of views,” 1 diplomat explained.

“There will not be a assembly tonight nor this weekend,” a second diplomat said.

On Thursday, European Union governments were being split on the degree at which to cap Russian oil costs to suppress Moscow’s ability to fork out for its war in Ukraine without having creating a worldwide oil supply shock. The cap is to enter into pressure on Dec. 5.

The strategy of the cap is to prohibit transport, insurance coverage and re-insurance policy firms from dealing with cargoes of Russian crude all over the globe, unless of course it is bought for a lot less than the cost established by the Team of Seven nations and its allies.

Simply because the world’s key shipping and delivery and insurance policies firms are based in G7 nations around the world, the price tag cap would make it really tricky for Moscow to promote its oil – its biggest export merchandise accounting for some 10% of entire world source – for a increased price.

Poland, Estonia and Lithuania were pushing for a considerably reduce cap than the $65-70 for every barrel proposed by the G7, while Greece, Cyprus and Malta lobbied for a better cap, or some variety of payment for the anticipated loss of business to their substantial delivery sectors.

The EU diplomats, who declined to be recognized, reported it was not very clear how around equally sides ended up to an agreement.

“The hottest is that Poland, Estonia and Lithuania are striving to outdo just about every other on their toughness on the rate cap,” one particular of the diplomats near to the talks reported, adding that Poland desired to website link settlement of the price cap to a new offer of sanctions in opposition to Russia.

“Meanwhile Malta, Greece and Cyprus are in it for the revenue, whichever way they can get it – via a higher cap, or compensation, and many others. So positions are even now quite much apart and the U.S. is nowhere to be observed to carry the two sides jointly,” the diplomat reported.



Supply

China urges halt to auto industry’s bruising price wars
World

China urges halt to auto industry’s bruising price wars

People work on the production line of auto parts at a carmaker in Qingdao in east China’s Shandong province Saturday, March 1, 2025. Yu Fangping | Feature China | Future Publishing | Getty Images China called on Saturday for its automotive industry to halt brutal price wars, as a threat to the sector’s health and […]

Read More
Pentagon chief says ready to ‘fight and win’ against China, urges Asian allies to boost defense spending
World

Pentagon chief says ready to ‘fight and win’ against China, urges Asian allies to boost defense spending

US Secretary of Defense Pete Hegseth (C) gestures beside Malaysia’s Defence Minister Mohamed Khaled Nordin (R) and other defence officials from the Association of Southeast Asian Nations (ASEAN) during a multilateral meeting ahead of the Shangri-La Dialogue Summit in Singapore on May 30, 2025. Mohd Rasfan | Afp | Getty Images SINGAPORE — Pentagon chief […]

Read More
China’s manufacturing activity contracts amid trade tensions
World

China’s manufacturing activity contracts amid trade tensions

A worker works in a workshop of a textile products manufacturing enterprise in Qingzhou Economic Development Zone in Qingzhou City, Shandong Province, China, on May 10, 2025. Costfoto | Nurphoto | Getty Images China’s manufacturing activity contracted for a second month in May, an official survey showed on Saturday, raising expectations for more stimulus to […]

Read More