EU discusses three options for restricting Russian oil

The European Union and the United States are negotiating steps the EU could take to limit oil imports from Russia as part of a new sanctions package, Bloomberg report citing own sources, according to Report.

In particular, three options are being discussed: a ban on oil, a price cap, and a payout mechanism to keep the revenues received by the Russian Federation since the start of the war in Ukraine.

At the same time, the US fears that a direct EU ban on Russian oil could lead to a sharp rise in prices, which will give Moscow even more revenue. According to US Treasury Secretary Janet Yellen, a full embargo could cause serious damage to European economies without having such an impact on Russia.

At the same time, any final decision will be taken by the EU member states.

The EU pays Russia about a billion euros a day for energy supplies, and last month the US banned imports of Russian oil. Earlier, French Economy and Finance Minister Bruno Le Maire said that the EU could impose an embargo on oil imports from Russia in the coming weeks, but there is no exact date yet.

As reported, the sixth package of EU sanctions against Russia may be submitted to countries for consideration as early as next week. It may include a partial ban on imports and the disconnection of a number of banks from SWIFT.