No Deal On Russian Oil Price Cap As Deadline Looms

The European Union has failed to agree on the price cap for Russian oil proposed by the G7 as Poland refused to accept the suggested price level, which is about the same level at which Russia is currently selling its oil.  Poland, along with Estonia and Lithuania, wants the price cap to be set at $30 per barrel, Reuters reported, noting production costs for Russian oil have been estimated at around $20 per barrel. The rest of the European Union, however, seems to be on board with the original cap proposal, despite criticism that it would effectively…