MOSCOW, March 15. /TASS/. Estonia, Lithuania and Poland have proposed lowering the price cap for Russian oil, which was set last December at $60, to $51.45 a barrel, Bloomberg reported on Tuesday.
According to the agency’s sources, a group of these countries require that the threshold be set at 5% below market prices.
As expected, on Wednesday, March 15, representatives of the EU countries will begin discussions on revising the price ceiling for oil from Russia, Bloomberg noted.
On December 5, 2022, an embargo on maritime Russian oil shipments to the European Union came into force. G7 nations, the EU and Australia agreed on a price cap for Russian oil delivered by sea, setting the ceiling at $60 a barrel. Moreover, starting February 5, 2023, similar restrictions on deliveries of petroleum products from Russia were enforced. The ceiling was set at $100 and $45 per barrel depending on the category of petroleum products. Changing the price ceiling requires the consent of all EU member states and G7 members.