European Commission proposes Russian oil price cap set 15 per cent below global benchmark

The G7 price cap, aimed at curbing Russia's ability to finance the war in Ukraine, was originally agreed in December 2022.

The new floating cap would be revised according to the average price every three months, one of the diplomats added.

The EU diplomats, who were not authorized to speak publicly, said technical details of the latest proposal still needed to be discussed, but the idea seemed to assuage concerns of the EU's maritime states: Malta, Greece and Cyprus.