By Alexander Bueso
Date: Thursday 01 Dec 2022
(Sharecast News) - European Union member states were nearing a consensus on the level for the block's price cap on Russian crude oil exports centred on the $60 barrel mark.
It was their latest attempt to reach an agreement before the 5 December deadline for harsher EU sanctions to kick into effect.
Also under discussion was a mechanism to allow regular assessments and possible revisions every two months beginning from mid-January 2023, Bloomberg reported.
Any future revisions of the price cap should also result in it being fixed at least 5% beneath average market rates, two of the sources reportedly told the same newswire.
EU government reportedly had until 1500 GMT to raise any objections.
A majority of G-7 nations were already set to cease Russian crude oil imports later in 2023 with similar restrictions set to go into effect for petroleum products in February.
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