EU struggling to agree on price cap for Russian oil works

Members of the European Union are struggling to reach an agreement on the EU Committee’s proposal for a price cut for Russian oil works.

The permanent representatives of the member states in Brussels will come together on Friday to discuss the EU Council’s proposal.

The EU Committee, in its statement last week, suggested that the EU will end the price of Russian oil works as of February 5, with the price ending being 100 dollars/barrel for diesel oil and 45 dollars/barrel for fuel oil products.

International Power Agency (IEA) Leader Fatih Birol said that they do not expect the water to cause major problems or disruptions if price limits are applied to Russian oil works in line with the proposal of the EU Committee.

Poland and the Baltic states are pushing for lower price limits for Russian oil works.