EU member states set to delay Russian oil cap – report | Forexlive

In Europe

Bloomberg report, citing people familiar.

European Union nations are struggling to reach an accord on imposing a price cap on Russian oil and will likely push back a deal on the issue until after a broader sanctions package has been agreed, the report says.

You have to wonder if this leaked on Friday. In any case, oil isn’t reacting to this but WTI crude oil remains at $78.37.

The report doesn’t indicate the push is dead and a ban on Russian crude in Europe is already agreed for December 3.

The European Commission met with member states over the weekend to try to find a compromise on the package of restrictive measures, according to the people. Countries may push to have a preliminary deal ahead of an informal gathering of EU leaders in Prague on Oct 6.

I have to imagine that Hungary is one of the countries that’s proving tough to convince.

Read More: EU member states set to delay Russian oil cap – report | Forexlive

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