The European Union is reportedly close to agreeing on a fresh price cap for Russian crude as part of its latest package of ...

European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia for its full-scale invasion of ...

The European Commission proposed on Friday a floating price cap on Russian oil of 15% below the average market price of crude ...

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West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $65.50 during the early Asian trading hours on ...

The European Union took a tentative step closer to a new price-cap regime on Russian oil that would aim to push the price of ...

The European Commission has proposed a floating price cap on Russian crude oil set at 15% below the average global market price over the previous three months, European Union diplomats said on July 11 ...

G7 price cap on Russian oil begins 05:41. A $60 price cap on Russian oil opens a new front by Western nations seeking to deplete the country's resources for waging war in Ukraine, while also ...

A crude oil terminal in Russia. A proposed price cap on Russian oil would essentially be an exception to Western sanctions, allowing the oil to be sold at or below a fixed price.

The price cap was invented as an escape hatch to the financial penalties that the United States, Europe and others announced on Russian oil exports in the immediate aftermath of the invasion.