Finally, the European Union has agreed this Friday to set a ceiling of 60 dollars (about 57 euros) to the price of Russian oil, after a negotiation that has culminated just three days after the approved embargo on the purchase of Russian crude enters into force. formally in October.
The measure follows the agreement reached within the G-7 to set a ceiling of between 65 and 70 dollars for Russian crude and is directed at oil transported by sea. It will not affect crude that reaches Europe via pipeline, after the exception was made by Hungary and other landlocked European partners who say they are heavily dependent on Russian oil.
After overcoming the reluctance of Poland and the Baltic countries, which demanded a lower ceiling, around 30 dollars, and linked this measure to advancing in the ninth round of sanctions against Russia in retaliation for its aggression against Ukraine, the EU has achieved a compromise agreement at $60 plus a corrective mechanism to ensure that the cap is periodically reviewed and placed at least 5% below the market price.
The Twenty-seven were negotiating against the clock to have a mechanism in place on December 5, the date on which the EU embargo on the purchase of Russian oil comes into force. Now the measure will be approved through the simplified written procedure with which the Council adopts the measure without the need for the ambassadors of the Twenty-seven to meet again.
Negotiations to set a ceiling on the price of Russian crude have been delayed for weeks, after Poland and the Baltics have been at the center of the discussion after demanding a very low maximum price of 30 dollars, defending that it is the way of damaging Russian crude oil exports, various diplomatic sources have pointed out, who coincide in pointing out Warsaw's "very tough" position on this issue.
At the same time, this group of countries linked their approval of the measure on the price of oil to the approval of the ninth round of sanctions against Russia, which has also been negotiating between Member States for weeks without a clear horizon for its approval.
On the other hand, the reluctance to a very low maximum price shown by Mediterranean countries such as Greece, Cyprus and Malta, alleging their dependence on the maritime transport sector, seems to be resolved with the creation of a compensation mechanism that generates a certain margin for the trade of Russian crude.
The backdrop is the approval of the ninth sanctions package, at a time when the EU seems to have exhausted its appetite for sanctions and with no new measures against the Russian energy sector on the table. The claims of Warsaw and the Baltic partners also collide with the technical process of European sanctions.
Thus, the debate entered its final stretch with the deadline set for December 5, the date on which the embargo on the purchase of Russian oil enters into force, and by which the Twenty-seven should have the mechanism in place to set the maximum price. All the sources consulted hoped to reach an agreement before the deadline, pointing out that the new round of sanctions against Moscow in retaliation for its military aggression against Ukraine is on track, regardless of whether it finally sees the light of day in parallel to the measure on the Petroleum.
