The European Union failed to endorse a 21st sanctions package against Russia on Monday, putting the bloc at risk of undermining one of its key tools to restrict the Kremlin¡¯s oil revenue.
The main points of contention were restrictions on the transport of Russian liquefied natural gas (LNG) and measures regarding Austria¡¯s Raiffeisen Bank International, according to people familiar with the matter who spoke anonymously to describe the private talks.
An agreement to freeze the bloc¡¯s floating price cap on Russian oil ¡ª a central element of the package ¡ª was also elusive, despite a looming Wednesday deadline to reset the limit. Without action, the ceiling will likely jump well above the current $44.10 level given the high global fuel prices, hindering the tool¡¯s effectiveness.
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