Bloomberg: Europe Plans to Freeze Oil Sanctions Against Russia

Sanctions against Russia, which are hitting Europe itself, are now being forced to "back off." Due to the sharp rise in energy prices, the European Union plans to temporarily freeze or completely lift restrictions on the price of Russian oil, Bloomberg reports.

According to EU law, the price cap for Russian oil is automatically adjusted every six months, following market movements. Due to the current crisis, this mechanism will inevitably raise the bar from $60 to $65 per barrel this summer. To prevent an official increase in the cap, European officials are proposing to fix the price at the current level. Alternatively, EU authorities are exploring the possibility of completely suspending this price cap until the end of the year.