INSUBCONTINENT EXCLUSIVE:
oil revenues, which continue to fund its war in Ukraine.The proposed measure, expected to receive final approval this week, would set a
dynamic cap at 15% below the average price of Russian oil over the previous 22 weeks, a shift from the current fixed ceiling of $60 per
barrel.If approved, the floating cap would reduce the allowable price for Russian oil exports to around $50 per barrel, according to sources
EU foreign ministers are scheduled to vote on the measure Tuesday.Four EU officials confirmed to Reuters that a consensus is near following
a Sunday meeting of bloc representatives.While technical objections from Slovakia remain, diplomats say they expect those to be resolved
ability to profit from fossil fuel exports while avoiding global energy shocks.The current $60 cap, introduced by the EU and its G7 allies
surged above $79 per barrel following Israeli airstrikes in Iran.Though this increase briefly made the $60 cap appear adequate, prices
quickly reversed course, and by late June, Brent had fallen below $70
Russian Urals crude, which has been trading at a $12 to $13 discount, dropped once again under the cap.The United States, a key player in
the G7-led sanctions regime, has so far resisted calls to lower the oil price ceiling.Washington reportedly sought to maintain negotiating
flexibility with Russia amid sporadic discussions over a possible ceasefire in Ukraine.Still, European officials argue that a more agile
logistical and financial hurdles, including the rising cost of shipping and insurance under Western sanctions enforcement.
