EU is 'quite close' to a deal but there are no 'guarantees' package will be approved before Wednesday, says Kallas
EU foreign ministers failed to approve a fresh round of sanctions against Russia on Monday, just days before the bloc’s oil price cap is set to jump above the price of Russian crude.
The package has been held up over Greek rejection of a plan to phase out shipments of Russian liquefied natural gas (LNG) and Austria’s demand that Raiffeisen Bank, which is headquartered in Vienna, be allowed to access sanctioned assets to compensate it for fines incurred in Russia.
Crucially, the package – the EU’s 21st since Russia’s invasion of Ukraine – also includes a proposal to freeze the EU’s oil price cap, which bans European companies from providing services, such as insurance, to Russian tankers selling oil above an adjustable price.
The cap is set at $44 per barrel but will rise to $58 per barrel on Wednesday – $4 above the current market price of Urals crude, Russia’s main export blend.
