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EU considers suspending rise in Russian oil price cap

Limit on Russian crude was set to increase from $44 a barrel to $70 following supply disruption due to Middle East war

The EU is considering pushing back until January a planned increase in its price cap on Russian oil to limit the boost to Moscow’s revenues from higher crude prices triggered by the Iran war.

The proposed measure is part of the 21st package of EU sanctions against Russia in response to its 2022 full-scale invasion of Ukraine. The move would require unanimous approval from the bloc’s governments before July 15, when the cap would otherwise automatically rise from its current level of $44.10 a barrel.

The EU has discussed co-ordinating a delay with some of the other G7 countries that agreed on the price cap in 2022 to limit Moscow’s income from energy sales.

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