Representatives of the governments of the European Union were unable to reach an agreement on the level of price caps on Russian oil.
On Monday, November 28, representatives of the EU member states' cabinets failed to agree on the level of the price limit for Russian oil.
"There is no agreement. The legal texts have been agreed, but Poland cannot agree on the price yet," a diplomat told Reuters.
The EC proposed a cap of $65-70 per barrel last week, which was opposed by Poland and the Baltic states. Greece, Cyprus and Malta, which are dependent on tanker traffic, are in favor of a higher price ceiling on crude or another form of compensation.
Another European diplomat said Russia could cover the cost of producing black gold at $12 to $20 a barrel.
On Friday, November 25, the EU countries failed to reach an agreement on the price ceiling for energy supplies from Russia. Therefore, the talks were postponed until November 28.
Heads of Ministers of Finance of G7 countries stated earlier their plans to introduce price ceiling for Russian oil. For this purpose, they intend to establish a "broad international coalition" and to prohibit any sea transportation of raw materials from Russia, if it is sold at a price higher than the limit, which was agreed by the coalition. This decision is expected to take effect on December 5.