The deadline is approaching, and the EU is still discussing a price limit on Russian oil

European Union diplomats said on November 29 that EU member states are trying to agree
this week on a price cap on oil exports to Russia.
Due to the opposition of Poland and other member states to the price limit proposed by the G7, the content of the agreement has been delayed, and the deadline set before is approaching
.

Reuters quoted a senior EU diplomat involved in the negotiations as saying: "Since last Wednesday (November 23), we have continued to negotiate and are gradually reaching an agreement, getting closer and
closer.
" ”

This is a fuel gauge
taken at a gas station in Vilnius, Lithuania, on October 16, 2021.
Source: Xinhua News Agency

A price cap on Russian oil was proposed by the US-led Group of Seven to replace the tougher EU embargo on Russia to "ensure stable oil supplies and prevent price spikes.
"
According to the G7 proposal, EU member states can continue to buy Russian oil, and the export price of crude oil to Russia is capped at $65 to $70 per barrel
.
The European Commission referred the G7 proposal to EU member states, but 27 member states disagreed
on the price limit.

Poland, Lithuania and Estonia rejected the G7 proposed price limit, arguing that the measures did not "hurt" Russia and that the price cap should be lower
.
The three countries also believe that the price ceiling standard, taking into account factors such as the changing global oil market, should not remain static, and that a corresponding mechanism should be put in place for periodic review
.
Once the EU adopts the above proposal of the G7, it means that the sanctions against Russia that have been previously agreed upon will be relaxed, and the EU should introduce a sanctions plan
.

According to Reuters, if the EU does not reach an agreement on the oil price ceiling proposed by the G7 by December 5, the EU will then implement the embargo measures reached at the end of May, that is, ban the import of Russian crude oil from December 5 and Russian oil products
from February next year.

Russia is one of the world's
leading oil producers.
After the Ukraine crisis escalated in February this year, the European Union, together with the United States, imposed severe sanctions on Russia in an attempt to crack down on Russian oil and gas exports, which also led to tight energy supplies and soaring
prices in Europe.

Russian President Vladimir Putin previously attacked Western attempts to limit the price of Russian oil, emphasizing that Russia will not export energy
contrary to its own interests.
Russian Deputy Prime Minister Alexander Novak said in an interview with Russian media on October 13 that Russia will not supply oil to any country that is ready to impose price restrictions, no matter what price
the other side offers.