EU Softens Russian Oil Price-Cap Plan Ahead of Approval
- Draft legislation would weaken earlier shipping provisions
- EU diplomats to discuss, potentially approve cap on Wednesday
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The European Union watered down its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions.
The bloc proposed adding a 45-day transition to the introduction of the cap, according to a document seen by Bloomberg. The proposed grace period would apply to oil loaded before Dec. 5 -- the date oil sanctions are due to kick in -- and unloaded by Jan. 19, aligning the EU to a clause previously announced by the US and the UK.