EU fails to find common ground to incline cap on Russian oil, as winter looms

• Financial

The European Union Government had botched to find a common ground on whether they should implement a cap on Russian oil that followed a persistent lobbying effort from an incumbent Biden Administration. Six nations had directly opposed the G7 proposal of putting a cap on Russian sea-borne oil.

In the matter of the fact, latest indecision from the Government of EU members came against the backdrop of an increase in protests across European nations over higher living cost stemming from a higher energy price. On top of that, the G7 nations which already had secured their oils for the winter in expense of common citizens’ savings in a bid to dance with fire by pushing EU against Kremlin, had previously proposed a cap between $65 per barrel and $70 per barrel for Russian sea-borne oils.

Nonetheless, as winter looms and a number of EU nations are struggling to find a reliable and cheaper alternative to Russian oil, the EU parliament had failed to reach an accord on the price of Russian sea-borne oil on yesterday.

EU fails to reach accord on Russian oil price cap

Besides, The EU commission, US alongside G7 presidency Germany had been engaged in a meet on Thursday, but they had failed to reach an accord to put a cap on Russian oil price amid deep differences on EU nations’ foreign policy, while protests are reportedly rising across the EU against a higher living cost stemming from a growing acrimony with Moscow.

Meanwhile, addressing that following a number of talks, the diplomats had failed to reach a common ground, a EU diplomat said to a press agency late on Thursday, “There are a lot of bilateral talks going on now at very high levels.

There will be a meeting of representatives of all EU countries once there is progress. There is no point in calling another meeting if there is no change”.