EU May Keep Russian Oil Price Cap Unchanged at $44 per Barrel to Pressure Moscow

BRUSSELS, June 1 (Reuters) – The European Commission may propose leaving the G7 price cap on Russian crude unchanged at its July review, in an effort to curb Moscow’s windfall from the Iran war and the ensuing oil price shock, EU diplomats said on Monday.

The Commission floated this idea in meetings with European Union envoys over the weekend as a possible element in its forthcoming 21st package of sanctions against Russia for its war in Ukraine.

The Group of Seven nations and allies, with the exception of the U.S., agreed to set a moving price cap last year to make it more effective. The