KEY REVENUE SOURCE:
An agreement to freeze the bloc’s floating price cap on Russian oil also appeared elusive, despite a looming deadline today to reset the limit
Bloomberg
The EU on Monday failed to endorse a 21st sanctions package against Russia, putting the bloc at risk of undermining one of its key tools to restrict the Kremlin’s oil revenue.The main points of contention were restrictions on the transport of Russian liquefied natural gas (LNG) and measures regarding Austria’s Raiffeisen Bank International AG, said people familiar with the matter who spoke anonymously to describe the private talks.An agreement to freeze the bloc’s floating price cap on Russian oil — a central element of the package — was also elusive, despite a looming deadline today to reset the limit. Without action, the ceiling will likely jump well above the current US$44.10 level given the high global fuel prices, hindering the tool’s effectiveness.
European Union`s High Representative for Foreign Affairs and Security Policy Kaja Kallas reacts as she tries to ring the bell to open the European Foreign Affairs Council in Brussels on Monday.
