EU prepares to ease Russian crude oil price cap with postponement – Bloomberg

The European Union is finalizing plans to delay the full introduction of the latest proposed sanctions to cap prices on Russian crude and loosen key provisions on shipments.

Documents seen by Bloomberg suggest a 45-day grace period before the price cap takes effect. The moratorium applies to crude oil loaded before the 5th December, when the sanctions were scheduled to take effect, and unloaded by 19th January. The agreement is consistent with provisions already announced by the United States and the United Kingdom.

EU ambassadors meeting to be held on 23rd, aiming for final approval of sanctions, Bloomberg said on 18thwas reporting. The meeting will also discuss specific ceiling price levels. If approved, the EU and the G7 could make an announcement later that evening.

G7 plans to announce price ceiling for Russian oil on 23rd

Original title:EU Set to Soften Russian Oil Price Cap Plan Ahead of Approval(抜粋)