Credit…Associated Press

Thursday was a day when diplomats from Europe failed to agree on the final details of a specific policy. to help limit Russia’s revenue from oil, after a setback the day before to efforts led by the United States and Ukraine’s allies to curb the flow of cash financing Russia’s invasion of Ukraine.

Officials We were unable to to A top price at which shippers, traders and other companies involved in the supply chain can purchase Russian oil from outside the bloc must be agreed. Before the E.U. can adopt this policy, it must be in effect. Dec. 5th, the embargo begins on Russian oil imports

The embargo is only applicable to the bloc of 27 nations. So to further limit Russia’s financial gains, the group wants to The price that buyers from outside the region will pay for Russian oil is limited. The crude could not be sold in Europe and would have to be to not be at the agreed-upon rate. Russia has stated repeatedly that it will not follow the policy, and analysts agree it would be difficult. to enforce.

These plans to Limit Russian oil prices “were contrary to market principles and highly likely to result in serious consequences for the global energy market,” Russian President Vladimir Putin said Thursday that, to A Kremlin account He spoke with the prime Minister of Iraq during a phone call.

Since the beginning of the war, the United States and Europe have placed sanctions on Russia, cutting it off from financial markets and making oil, Russia’s largest export, essential. to Finance the war in Ukraine At stake is a complex and fraught effort among Ukraine’s allies to limit the Kremlin’s revenues from oil exports while averting a shortage of the fuel, which would force prices up and compound a cost-of-living crisis around world.

The E.U. Ambassadors of the E.U. were asked to Price range from $65 to $65 to $70 per barrel to Be flexible when it comes to enforcing the limit.

The Urals blend is the benchmark price for Russian oil. It has traded at $60 to In the last three years, it has been $100 per barrel. The current price of a barrel is $65 to 75c per barrel

The Group of 7 countries have tried to resolve the price determination delays despite the delay. to Prepare participants in the energy market for the implementation of the price cap. The oil companies that sell the oil will be responsible for implementing and maintaining the policy. These international shipping and insurance firms are mainly located in Europe. According to a report by Greeks, most tankers that transport Russian oil are Greek-owned. to maritime data. London is also home to the world’s biggest maritime insurance companies.

Some E.U. Diplomats from the E.U., including those from Poland, and other staunch Ukraine allies, stated that the G7 price range was too high. The cap should be lower. to According to Russian Revenues, it has been a major problem to Several E.U. diplomats involved in the talks or briefed. They were not asked. to Name them because they weren’t authorized to Speak out publicly

Because of their large maritime industries and stakes in the policy, Malta, Cyprus, and Greece asked for a higher cap. This would have allowed the price to rise above current trading levels and eased pressure on businesses that are based in these countries. Many sought compensation for the possible loss of income from their maritime businesses.

France, Germany, Italy and Italy are the three E.U. members. The countries that are part of the Group of 7 industrialized nations driving the Russian oil price caps, advocated for the price range and the softer enforcement mechanisms. This was in support of the U.S. position that these were necessary to You can avoid a supply crisis

The European Union embargo against Russian oil, which takes effect Dec. 5, also includes a ban for European services to Russian oil shipments can be shipped, financed or insured to destinations outside the bloc, a measure that would disable the infrastructure that moves Russia’s oil to All over the world, buyers

These European shipping companies would be able to benefit from the price cap. to The embargo can be ignored as long as the Russian crude oil is exported from the bloc at a cost below the cap. This would mean that they could not enforce it. to The companies. If they did not, they could be held legally responsible for violating sanctions.