EU Proposes $60 Cap on Russian Oil Prices

The European Commission has proposed that the price cap for Russian oil be set at $60 per barrel for the 27 EU member states, with senior representatives from member countries beginning to discuss this proposal by noon on Thursday.

This was reported today by The Wall Street Journal citing sources, as noted by ТАСС.

According to the publication, all EU member states must unanimously approve the proposed restriction, after which negotiations will continue in a more extensive manner.

EU countries may also agree on another price threshold later on Thursday if they are not satisfied with the Commission's proposal.

Sources indicate that representatives of the European Commission have acknowledged the necessity of setting a cap at $60 per barrel and are confident that an agreement can be reached.

Some European officials have expressed their doubts regarding the effectiveness of the mechanism, as mentioned in the publication.