EU Ambassadors close to agreement on price cap for russian oil - Reuters

European Union Ambassadors are close to reaching an agreement on the 18th package of sanctions against the aggressor country of russia. It will, in particular, include a price cap for russian oil. This is reported by Reuters, citing EU sources.

Thus, the sources noted that all key points of the sanctions package have been agreed, although one member state still has technical reservations about the new price cap. The sources said they expect to reach a full agreement on Monday, July 14, ahead of a meeting of foreign ministers in Brussels the next day, at which the package could be formally approved.

The sources also said that they agreed on a dynamic pricing mechanism to cap the price. On Friday, the European Commission proposed a floating price cap for russian oil 15% below the average market price for oil over the previous three months.

One source said the initial price would be around USD 47 per barrel, 15% below the average market price of crude oil over the past three months. The limit would be reviewed every six months thereafter.

Slovakia, which had previously expressed reservations about reducing russian gas imports, eventually agreed to the new package after receiving assurances from the European Commission.

It is noted that unanimity among EU member states is required for the sanctions to be adopted.

As Ukrainian News Agency earlier reported, amid US President Donald Trump's public discontent with russian dictator vladimir putin, there is a strong chance that a bipartisan bill on "hellish" sanctions against russia will soon be passed in Congress.