Prices for Russian oil fall below the proposed price caps.

According to Bloomberg, prices for Urals oil at the end of last week fell to $51.96 per barrel in the port of Primorsk on the Baltic Sea. The oil price in Novorossiysk in the Black Sea also fell to a similar level. At the end of last week, EU diplomats discussed restrictions on the sale price of Russian oil in the range of $65-$70 per barrel. However, some EU countries, including Poland, are pushing for a lower cap to punish the Kremlin for its war in Ukraine. In contrast, Greece, the world’s largest owner of oil tankers, prefers a higher cap. The agency noted significant uncertainty surrounding Russian oil prices, as trade in Russian petroleum products has become less transparent since the war began.