Poland reportedly considered the currently proposed ceiling insufficiently punitive
EU governments have been unable to agree on a proposed price cap for seaborne Russian crude oil as of Monday, diplomats told Reuters. Poland and some Baltic states have reportedly demanded that the $65-70 figure proposed by the G7 countries be lower still, in order to hamper Russia’s ability to finance its military operation in Ukraine.
Warsaw insists the proposed cap will not have the desired effect on Moscow, pointing out that the country’s oil is currently trading somewhere between $52 and $63.50 per barrel. Along with Lithuania and Estonia, Poland has urged the bloc to set a ceiling of $30, allowing Moscow just $10 in per-barrel profits, assuming a production cost of $20 per barrel. The three countries also want to add a review mechanism so that the cap can be revised further down should the desire arise, and have called for a more coherent outline of the next…
