Estonia Wants EU Price Cap On Russian Oil To Reflect Market Fluctuations - Prime Minister

MOSCOW (UrduPoint News / Sputnik - 23rd March, 2023) Estonian Prime Minister Kaja Kallas suggested ahead of the EU leaders' summit on Thursday that member states consider reviewing the price cap on Russian oil exports to account for market fluctuations.

"We had an agreement in December that the oil price cap will be tight with the market and will be 5% lower. We agreed that we will have a review in January, then in March, but we don't have that review yet," she said in a doorstep interview in Brussels.

The EU remains divided over whether to keep the price limit at $60 per barrel, with Poland and the Baltic states reportedly pushing for it to be set at slightly over $50.

After Russia began a military operation in Ukraine, the Group of Seven major economies, the European Union and Australia imposed a price cap on Russian oil traded on the international market.

The regulation took effect on December 5. In response, Russian President Vladimir Putin signed a degree effective February 1 that banned oil and petroleum sales to countries that directly or indirectly enforced the price cap.