The European Union is considering a temporary "freeze" of the price cap on Russian oil because of the war involving Iran.
According to Ukrinform, Bloomberg stated this in an article, citing informed sources.
Last year, the EU introduced a dynamic mechanism to ensure that the price cap would be automatically set every six months at 15% below the average market price of Russia's Urals crude oil.
The current price cap is $44.10 per barrel and is due for review later this summer.
Under these restrictions, European companies are prohibited from providing services such as insurance and transportation for oil sold above the established price threshold.
