The agreement still needs to be approved by all EU governments in a written procedure by Friday. Poland, which had pushed for the cap to be as low as possible, had as of Thursday evening not confirmed if it would support the deal, an EU diplomat said.
The initial G7 proposal last week was for a price cap of US$65-US$70 per barrel with no adjustment mechanism. "The price cap is set at US$60 with a provision to keep it 5 per cent below market price for Russian crude, based on IEA figures," an EU diplomat said. The document said a 45-day"transitional period" would apply to vessels carrying Russian-origin crude oil that was loaded before Dec 5 and unloaded at its final destination by Jan 19, 2023.The G7 price cap on Russian seaborne crude oil is to kick in on Dec 5, replacing the harsher EU outright ban on buying Russian seaborne crude, as a way to safeguard global oil supply because Russia produces 10 per cent of the world's oil.
Source: News Formal (newsformal.com)
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