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EU states discussed $62 price cap for Russian oil — Bloomberg

According to one source, Poland and the Baltics reportedly consider this price too high

MOSCOW, November 29. /TASS/. EU member states were discussing a price cap for Russian oil at $62 per barrel, Bloomberg reported Monday citing diplomatic sources.

According to one source, the negotiations stalled because of Poland this time. Poland and the Baltics reportedly consider this price too high.

The group of states that advocate a lower price cap for Russian oil wants to supplement the agreement with a mechanism for further reviewing of prices, and to include a more specific plan regarding the new package of anti-Russian sanctions, Bloomberg reports.

Earlier, Reuters reported citing its sources that EU representatives were unable to reach an agreement about the price cap. According to the sources, legal texts have already been negotiated, but Poland does not agree with the proposed price.

Last week, the European Commission proposed to put a price cap on Russian oil at about $65-$70 per barrel; the proposition was opposed by Poland and the Baltics. Greece, Cyprus and Malta, who depend on tanker shipments, advocate a higher price cap or a different form of compensation. Another European diplomat claimed that Russia will be able to cover the extraction expenses even at a price cap of $12-$20 per barrel. EU states were unable to reach an agreement on November 25, and the negotiations were postponed to November 28.