The Wall Street JournalThe Wall Street Journal

EU likely to approve G-7 cap on Russian oil price in two steps

By Laurence Norman

05 Oct 2022 · 4 min read

EU is set to finalize the price-cap on Russian oil but there have been some reservations from Cyprus, Greece and Malta that have large shipping centres.

Curated by informed

The European Union has advanced work on a price cap for Russian oil under an approach that keeps the U.S.-led effort on track, but holds off on final approval.

EU member states are set to agree on a two-stage approach to the international price cap on Russian oil, which is being developed within the Group of Seven industrial economies. EU officials are preparing legislation needed to implement the measure, but will hold off approving it until the rest of the G-7 is ready, diplomats and officials said.

The news, curated.

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