TabZ Live: 🇪🇺🇷🇺⚡️ — The EU is considering temporarily freezing its price cap on Russian oil as the...

🇪🇺🇷🇺⚡️ — The EU is considering temporarily freezing its price cap on Russian oil as the Iran War continues to drive energy prices higher, according to Bloomberg.

Under the EU’s current mechanism, the cap on Russian Urals crude is automatically adjusted every six months to remain 15% below average market prices. The current ceiling is $44.10 per barrel, but rising oil prices linked to the war and disruption in the Strait of Hormuz could push the next cap review in July above $65 per barrel.

Officials are discussing several options, including keeping the cap frozen at current levels, suspending automatic increases through the end of the year, or limiting any increase to the previous Group of Seven cap of $60.

The measures are expected to form part of the EU’s 21st sanctions package against Russia. Other proposals include sanctions on additional banks, oil traders, refineries, crypto operators, and about 20 more vessels tied to Russia’s shadow tanker fleet, with possible future restrictions extending to liquefied natural gas shipments.

The EU is also considering tighter export controls on firms in China, India, Turkey, and Central Asia accused of supplying restricted goods to Russia, alongside measures aimed at protecting Euroclear after Russian court actions targeting its assets.