Emergency and temporary measure gives EU until July 23 to find a deal
The EU failed to approve fresh sanctions against Russia on Wednesday, postponing a key decision aimed at curbing the Kremlin’s war funding.
In a stopgap measure, the EU’s oil price cap will be frozen until July 23 to allow a deal to be found on the sanctions package.
Ambassadors shelved plans to lower the threshold that bars European companies from providing services such as insurance to tankers selling Russian crude above the limit, according to four EU diplomats.
The European Commission had proposed freezing the cap for six months, but the plan ran into resistance from key shipping EU countries such as Greece. Instead, ambassadors agreed to keep the current cap in place until July 23.
