EC calls for oil price ceiling of $60

The European Commission has asked the EU member states to approve a $60 per barrel price cap on Russian oil, the Wall Street Journal reported citing sources.

EC calls for oil price ceiling of $60

Earlier on Thursday, European Commission spokesman Tim McPhee said at a briefing in Brussels that an agreement on a price ceiling on Russian oil had not yet been reached.

It is noted that senior EU officials began discussing the proposal Thursday afternoon, with talks still likely to continue and another level could be agreed. Nevertheless, according to the newspaper’s interlocutors, so far the EU member states are so “united around” the $60 per barrel price cap that the EC considers reaching an agreement possible.

Russian President Vladimir Putin, commenting on the West’s idea to cap Russian energy prices, has repeatedly stated that Russia will not supply anything abroad if it runs counter to its interests. Deputy Prime Minister Aleksandr Novak also said that Russia would only work on market terms and would not supply oil to countries that would impose a price ceiling, neither at $60 a barrel nor at any other cost.

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