EU Nations Can't Agree on Price Cap for Russian Oil
The aim of the price cap is ambiguous. On the one hand, Western nations intended to limit Russian revenues from oil, while on the other hand they want the oil to keep flowing to avoid market shocks. However, the EU governments are reluctant to impose an embargo on Russian hydrocarbons since it will likely backfire. | Negotiations among the EU nations on a price cap for Russian oil have hit an impasse, US media reported, adding that the EU governments remain split over the parameters of the intended price ceiling. ● Anti-Russian sanctions have already backfired on those who imposed them, dealing a blow to European economies, with some of them plunging into recession. Millions of households across Europe have been pushed to the brink of fuel poverty, while energy bills have dramatically soared.