The new measures include lowering the “price ceiling” on Russian oil to $47 per barrel and its further floating exchange rate.
Representatives of European countries expect to agree on the 18th package of sanctions against Russia today, July 14.
If agreed, the package will be officially adopted the next day, at a meeting of foreign ministers in Brussels. All elements of the package have now been agreed, but one state still has technical reservations about the new restriction: Slovakia has agreed to the new measures, but is seeking assurances from the European Commission about plans to phase out Russian gas supplies.
Among the agreed solutions is a mechanism for setting a dynamic price cap on Russian oil. According to the plan, the price will be 15% below the average market price of crude oil over the last six months (instead of the three months originally proposed by the European Commission).
The original ceiling price will be about $47 per barrel (currently $60). This amount was obtained by averaging the cost of a barrel of Russian crude over the last 22 weeks, minus 15%.
