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Biden still confident about price cap on Russian oil

The EU is working on landing a price cap on Russian oil, which the union plans to implement in collaboration with G7 nations, but negotiations are dragging out.

US President Biden spoke to the press on Thursday during a Thanksgiving holiday visit to a fire station on Nantucket Island. Mandel NGAN / AFP) | Photo: Mandel NGAN / AFP

US President Joe Biden says a price cap on Russian oil, which has been suggested by the US and its Western allies, is still on the table, adding that he has spoken with US Secretary of the Treasury Janet Yellen about the matter.

”It’s in play,” stated Biden to journalists on Thursday during a Thanksgiving holiday visit to a fire station on Nantucket Island, reports Reuters.

The EU is working to reach an agreement about a price cap on Russian oil, which the union wishes to implement in partnership with the G7 countries.

There are, however, divisions in the bloc regarding the exact level of the price cap. Bloomberg News reported on Wednesday that negotiations concern a cap of USD 65-70 per barrel.

EU officials hope to reach an agreement no later than Friday about a deal that will ensure continuous Russian oil supply without creating price jumps but also reduce the country’s oil income.

A USD 65-70 price cap would be significantly below current oil prices. On Thursday, European reference oil Brent cost USD 84.75 per barrel, with US counterpart WTI trading at USD 77.68.

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