Anastasia Gorbacheva 09:52, 14.07.25 UNIAN
It is noted that currently only one country is blocking the agreement
European Union lawmakers are on the verge of agreeing on an 18th package of sanctions against Russia . The restrictions will include lowering the ceiling price for Russian oil.
Reuters writes that, according to sources, all elements of the package have been agreed, although one member state still has a technical reservation on the new price cap .
Sources said they expected a full deal to be reached on Monday, ahead of a meeting of foreign ministers in Brussels the following day that could formally approve the package.
Sources said they also agreed on a dynamic pricing mechanism for the “price ceiling.” On Friday, July 11, the European Commission proposed setting a floating price limit for Russian oil at 15% below the average market price of oil over the previous three months.
One source said the initial price would be around $47 per barrel, based on the average price of Russian oil over the past 22 weeks minus 15%. The price would then be reviewed based on the average price of oil every six months instead of the proposed three months.
Slovakia is still concerned about plans to gradually cut off Russian gas supplies, but has agreed to new measures, sources said.
Another source said the new package would include a Russian-owned oil refinery in India, two Chinese banks and a flag registry. Russia uses flags of convenience for its shadowy fleet of ships and oil tankers.
Price caps on Russian oil – top news
The Group of Seven (G7) price cap, aimed at limiting Russia’s ability to finance the war in Ukraine, was initially agreed in December 2022. The European Union and the United Kingdom have been pushing the G7 for the past two months to lower the price cap after the fall in oil futures made the current level of $60 a barrel virtually irrelevant.
The restriction prohibits the trade of Russian oil carried by tankers if the price was above $60 per barrel, and prohibits shipping, insurance and reinsurance companies from handling Russian oil cargoes worldwide unless they are sold at a price below the cap.
In June, the European Commission proposed the 18th package of sanctions against Russia , which involves lowering the price ceiling for Russian oil from $60 to $45 per barrel.
On July 11, it became known that the European Commission plans to propose a floating “price ceiling” for Russian oil in order to reach a unified decision for the adoption of the 18th package of EU sanctions against Russia.
More pain is coming Vladolf!
Cautiously optimistic here.🇺🇦💪