The European Union will not forge ahead with plans to impose a tough new price cap on the Russian oil exports funding the Kremlin's war in Ukraine in light of concerns that a new conflict in the Middle East will drive up oil prices, APA reports citing Politico.
The proposal, which would have seen the maximum price of Moscow's oil slashed from $60 per barrel to $45, was due to be discussed Monday in Brussels by foreign ministers from across the bloc.
After being initially proposed by Ukraine, the lowered price cap was included in the text of the EU's 18th sanctions package, unveiled earlier this month. However, without support from United States President Donald Trump, implementing the idea would prove impossible, experts point out.
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