European Union governments failed to reach a deal on Wednesday at what level to cap prices for Russian sea-borne oil under the Group of Seven nations (G7) scheme and will resume talks on Thursday evening or on Friday, EU diplomats said.
Earlier on Thursday representatives of the EU's 27 governments met in Brussels to discuss a G7 proposal to set the price cap in the range of $65-$70 per barrel, but the level proved too low for some and too high for others.
The move is part of sanctions intended to slash Moscow's revenue from its oil exports so it has less money to finance its invasion of Ukraine. "Poland say they can't go above $30 per barrel. Cyprus wants compensation. Greece wants more time. It is not going to happen tonight," a second diplomat said.
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