The EU did not reach an agreement to limit the price of Russian oil

Oil / Photo: MIA

European Union governments yesterday failed to agree on a cap on the price of Russian crude oil, as Poland insisted the limit be lower than that proposed by the G7 countries, thereby reducing Moscow's ability to finance it. the war on Ukraine.

"There is no agreement. The text of the law has been harmonized, but Poland still cannot agree to the price", said an unnamed diplomat.

No new date has yet been set for the talks, although the price cap mechanism is due to come into effect on December 5.

If there is no agreement on the price cap idea by next Monday, the EU will apply the tougher measures agreed at the end of May – a ban on imports of Russian crude oil from December 5 and oil derivatives from February 5, Polish diplomats said.

Hungary and two other landlocked central European countries secured their exemption from the ruling.

G7 states have proposed capping the price at between $65 and $70 a barrel, but Poland and some others say that won't hurt Moscow because Russian oil is already trading below that range at $63,50.

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