The EU has abandoned an attempt to lower the ceiling on Russian oil prices

The European Union has decided not to advance plans to impose a new hard price ceiling on Russian oil exports due to concerns that a new conflict in the Middle East could lead to higher oil prices. 

The proposal to reduce the maximum price of oil from Russia from $60 per barrel to $45 was planned to be discussed on Monday in Brussels at a meeting of the bloc's foreign ministers. However, two diplomats confirmed that the escalation of the conflict between Israel and Iran makes this plan unworkable.

«The idea of lowering the price ceiling probably won't find support due to the international situation in the Middle East and the current volatility,» said one of the diplomats. Another diplomat added that at the G7 meeting this week, all countries agreed that it was not worth making a decision at the moment, as prices were close to the ceiling and the situation was too unstable.

At the G7 summit in Canada, European Commission President Ursula von der Leyen acknowledged that existing measures «have had little effect, but in recent days we have seen an increase in oil prices, and the current ceiling is fulfilling its function. Therefore, there is currently no significant pressure to reduce it.»