EU expected to approve G-7 cap on Russian oil price in two stages

BERLIN — The European Union is advancing work on a Russian oil price cap in an approach that keeps the U.S.-led effort on track but delays final approval.

EU member states are set to agree on a two-step approach to capping international Russian oil prices, which is being worked out within the Group of Seven industrial economies. The EU are preparing the legislation necessary to implement the measure, but should delay its approval until the rest of the G-7 is ready, diplomats and officials said.


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