EU extends Russian oil cap for one week during sanctions talks

EU countries agreed on Wednesday to keep a price cap on Russian oil for one week while they seek a broader deal on new sanctions against Moscow, diplomats said. The compromise came shortly before a deadline that would have raised the cap from its current level of $44.

Brussels wanted to avoid that rise as it seeks to limit Moscow's oil revenue after oil prices increased following the outbreak of war in the Middle East. The EU had sought to change the rules in a new sanctions package so the current cap could remain in place for several more months.

The proposed package would be the EU's 21st round of sanctions against Russia since Russia's 2022 invasion of Ukraine. It was proposed last month, but diplomats have not reached agreement after several countries objected to parts of it or sought changes.

Ukrainian President Volodymyr Zelensky, speaking at a press conference with European Commission chief Ursula von der Leyen, said he wanted the strongest possible sanctions pressure on Russia. He said EU leaders were not the only ones to tire of sanctions talks and compromises, and that Russia also tires of each package.

Ambassadors were unable to complete a deal after days of negotiations. Bulgaria said it blocked adding Russian Orthodox Patriarch Kirill to the blacklist. Diplomats said Germany objected to banning imports of Alaskan Pollock from Russia, a fish used widely in children's meals. There has also been pressure to soften a plan for a broad visa ban on Russians who took part in the war in Ukraine.

EU diplomats said they aimed to reach a final deal by July 23.