An EU source told Sputnik on Wednesday that the EU is likely to set the price cap for Russian oil at $62 per barrel.

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.

Baltic nations have recently expressed opposition at 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: US, allies 'likely' agreed to cap Russian oil at $60-70: WSJ

Western nations have been trying to find ways to reduce Russia's income from oil and gas exports since the start of the war in Ukraine. In September, the G7 finance ministers confirmed their intention to impose a price cap on Russian oil, urging all countries to support the initiative.

In October, the EU Commission confirmed an eighth sanctions package against Russia on Thursday, which involves both economic and personal restrictions. The new package set a foundation for the G7's implementation of the potential oil price cap, with the EU Commission's statement relaying that the package "marks the beginning of the implementation within the EU of the G7 agreement on Russian oil exports. While the EU's ban on importing Russian seaborne crude oil fully remains, the price cap, once implemented, would allow European operators to undertake and support the transport of Russian oil to third countries, provided its price remains under a pre-set 'cap'."
 
In turn, Russia has pledged to stop supplying oil and gas to countries that impose price ceilings.  

Read more: EU split on Russian oil price cap level: Diplomats