No agreement on the oil price cap — RT DE

26 Sep 2022 3:30 p.m

The EU Commission tried at the weekend to push through the next package of sanctions against Russia. The reason should be the referendums; the oil price cap desired by the USA is the central proposal. But Cyprus and Hungary are said to have resisted.

At the weekend, the EU Commission met with representatives of the member states to prepare another package of sanctions against Russia. The key point should be the price cap for oil decided by the G7.

To expression Bloomberg failed to achieve the necessary unanimity. Cyprus and Hungary are said to have refused to give their consent.

The proposed oil price cap is very controversial among economists because current prices are a result of reduced supply and a price cap would exacerbate rather than solve this problem. But the EU Commission has agreed with the wishes of the USA to strive for such a step.

The next package of sanctions should be ready before October 6th, when the EU heads of state meet at an informal meeting in Prague. In addition to the oil price cap, sanctions for diamonds and steel products are under discussion.

More on the subject – After Putin ordered partial mobilization: Oil and gas prices are rising again significantly

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