Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent in Gaza: The tower destroyed by the Israeli occupation in Gaza includes media offices, including Al Mayadeen's bureau.
Al Mayadeen's correspondent in Gaza: Four fetuses and three premature babies died at Nasser Medical Complex due to malnutrition
Lebanese Ministry of Health: One person was killed in an Israeli airstrike on a car in the town of Burj Qalawieh, south Lebanon.
Al Mayadeen correspondent: The first ship of the Maghreb fleet delivering aid to break the siege on Gaza departs from the port of Gammarth in Tunisia.
Channel 12: Airspace closed at Ramon Airport due to fears of drone infiltration
IOF Spokesperson: Sirens sounded over an aircraft infiltration in the Bir Ora area, and details are being examined
Drone infiltration sirens sound north of the Gulf of Aqaba
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out five extremely violent raids on the western areas of Gaza City
Al Mayadeen's correspondent in Gaza: The Israeli occupation carried out major bombings in the Gaza Strip, the most violent since October 7
Yemeni Armed Forces spokesperson Brigadier General Yahya Saree: The missile force carried out a major operation using the Palestine 2 ballistic hypersonic missile, hitting several targets in occupied Yafa.

EU agrees preliminarily to impose a $60 price cap on Russian oil

  • By Al Mayadeen English
  • Source: Agencies
  • 1 Dec 2022 17:50
  • 1 Shares
3 Min Read

The bloc is still waiting for Poland's approval on the price cap.

  • x
  • Russian oil tanker
    Russian oil tanker

Reuters reported on Thursday that the EU has tentatively agreed to impose a price cap on Russian oil at $60 per barrel.

They are still waiting for Poland's approval which pushed for lower levels, Reuters reported, citing a European diplomat.

According to the text of the EU proposal seen by the Wall Street Journal, at every review, the level should be "at least 5% below the average market price for Russian oil and petroleum products," which is indicative of a major concessionary move toward Poland.

The new proposal also includes a review clause that would take effect from January 2023 and require a review of the price cap system and price every two months, Bloomberg reported.

Read more: US working on reducing post-Soviet states dependence on Russia

The price cap will come into full force by December 5, when all the bloc's nations will have reached a formal agreement on the level of the price cap.

Related News

India defies US pressure, set on buying Russian oil

Europe, US move to escalate economic, military pressure on Russia

Baltic nations have recently expressed opposition to the idea that a price cap should be set above $50 per barrel.

They believe that the price remains too high and that could potentially fuel profits for Russia, thus harming Ukraine. 

On Tuesday, Politico reported that US diplomats negotiated with Baltic officials to convince the Visegrad Group, which is composed of the Czech Republic, Hungary, Poland, Slovakia, and the Baltic nations to agree to the amount of $62.  

"The EU Commission originally proposed $65-70 per barrel for the price cap on Russian crude. The latest proposal, after the recent negotiations, was at $62. However, specific member states, Poland included, are pushing for further reduction. And the latest talks are near and even slightly below $62, which, I think, is most likely closer to the final number the EU will decide on the price cap per barrel on Russian crude," the source said.  

The source added that even if EU states fail to reach an agreement, it is unlikely that the Commission may postpone the deadline for capping Russian oil which is set on December 5. 

"There is a lot of pressure from the Commission to reach an agreement before December 5. And the idea for an extension to the oil embargo date came up during the talks. However, for different reasons it was dismissed for now," the source added.  

Read more: EU imports of LNG increased 42%, Russian price cap still not reached

  • Russian oil
  • Price cap

Most Read

The damaged building in the Katara neighborhood, Doha, Qatar, September 9, 2025 (Social media)

Hamas delegation survives Israeli assassination attempt in Qatar

  • Politics
  • 9 Sep 2025
Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Australia warned of deadly climate risks in landmark report
Environment

Millions at risk from rising seas, extreme heat in Australia: Report

DPRK leader Kim Jong Un inspects a new weapons factory in undisclosed location, Democratic People's Republic of Korea, August 31, 2025 (AP)
Politics

DPRK defies US, says nuclear state status 'permanently enshrined'

Soldier F faces trial over bloody Sunday killings after 53 years
Miscellaneous

British Soldier F faces trial over Bloody Sunday killings after 53 yrs

Pro-Palestinian protesters demonstrate at the University of Sydney to protest the Israel Hamas war, Wednesday, April 24, 2024 (AP)
Politics

Protest outside ABC decries media silence on Gaza journalist killings

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS