EU delays talks on Russian oil price cap until next week

BRUSSELS: A meeting of European Union government representatives, scheduled for Friday evening to discuss a Group of Seven (G7) proposal to cap Russian seaborne oil prices, was cancelled, EU diplomats said.

“There was not enough of a convergence of views,” one diplomat said.

“There won’t be a meeting tonight nor this weekend,” a second diplomat said.

On Thursday, European Union governments were split on the level at which to cap Russian oil prices to curb Moscow’s ability to pay for its war in Ukraine without causing a global oil supply shock. The cap is to enter into force on Dec. 5.