European diplomats clashed over the price to cap Russian global oil sales as the bloc failed to reach agreement on a G-7 mechanism intended to crimp Moscow’s oil revenues
on Wednesday as the bloc failed to reach agreement on a Group of Seven nations mechanism intended to crimp Russian oil revenues.
. It would bar Russian oil shipments from receiving maritime services like finance and insurance in G-7 countries unless the oil is sold under the prescribed price.needs to be backed by all 27 EU governments. G-7 officials are expected to rubber-stamp the EU’s price selection soon after their talks conclude. Australia has said it would join the price cap measure.
Oil benchmark Brent crude fell 2.6% Wednesday to $85.34 a barrel as monthslong negotiations entered the final furlong. Wednesday’s deadlock underscored longstanding concerns in the EU over the price cap, which was championed by Washington and, in particular, Treasury Secretary Janet Yellen. U.S. officials have pushed for the price cap as a way to ease an EU ban on providing maritime services for Russian oil shipments, which was agreed to in June but is taking effect next month. The Biden administration worried the EU ban would push up oil prices and pour fresh oil revenueThose concerns, echoed in the U.K.
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