The price cap on Russian oil is now just days away from being implemented, yet the EU and G7 have been unable to agree upon a price range.
was guidance on the implementation of a price cap policy towards crude oil originating in the Russian Federation. Both were slammed by critics within hours of their publication.
The cap needs to be agreed upon by both the G7 and the EU. As the EU acts as an eighth partner in the group in addition to having three members in G7 itself, the U.S. is now waiting for the EU to agree on a cap level. This is proving to be a challenge. Energy Intelligence’s OPEC correspondent Amena Bakr was also blunt. In a tweet thread on Wednesday, shethat “If you can’t deliver on something then don’t make false promises! The EU looking to cap oil at 65-70 is a joke. How will that price range hurt Russia’s war financing?” after which she called the proposed cap range toothless.
Meanwhile, the European Commission proposed a gas price cap for all imports in the European Union that immediately became a target for jokes. At 275 euros per MWh, the cap price is way too high, according to some.
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