EU Closes In on $60 Cap for Russian Oil as Deadline Looms

European Union states are starting to coalesce around a plan to cap the price of Russian crude oil at $60 a barrel, their latest attempt to clinch an agreement before a Monday deadline, Bloomberg News reported. The bloc is also looking at a mechanism that would allow for regular evaluations and potential revisions of the price every two months from mid-January 2023, the people added. Two of the people said that there should be an agreement that any future resetting of the cap should leave it at least 5% below average market rates. They didn’t go into detail. EU talks on the level at which to cap Russian oil have been stuck since last week. Poland and the Baltic nations have demanded a price that puts more pressure on Moscow’s revenues, arguing that earlier proposals -- which had gone as low as $62 -- were too generous. Greece and other shipping countries have angled for a higher price. EU governments had until 4 p.m. Brussels time on Thursday to raise objections to the latest proposals on the table. Read more.