European Commission Proposes Russian Oil Price Cap 15% Below Global Crude Price

EU & Britain Have Been Pushing the G7 to Lower the Cap for Last Two Months After a Fall in Oil Futures Made Current $60/Barrel Level Largely Irrelevant

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BRUSSELS: The European Commission proposed on Friday a floating price cap on Russian oil of 15 per cent below the average market price of crude in the previous three months, EU diplomats said.

The European Union and Britain have been pushing the Group of Seven nations to lower the cap for the last two months after a fall in oil futures made the current $60 a barrel level largely irrelevant. Brent crude has since rebounded somewhat, and settled on Friday at $70.36 per barrel, Reuters reported.