EU Discusses $65-70 Price Cap On Russian Oil

The European Union is currently in discussions to cap the price of Russian oil at somewhere between $65 and $70 per barrel, an EU diplomat told Reuters on Wednesday—a cap which, if approved, wouldn’t effectively lower the price of the flagship Russian crude currently being traded on the market. The EU ambassadors of the 27-member bloc are considering proposals for the price cap, pushed by the G7 and Australia and aimed at limiting the oil revenues for Vladimir Putin. The G7, the UK, and the EU will ban as of December 5 maritime transportation…