EU keeps Russian oil price cap at $44 as sanctions talks continue

This is being done to allow more time to reach agreement on the details of a new sanctions package against Russia.

An extraordinary meeting of ambassadors on Tuesday evening produced another compromise proposal, which was further discussed in Brussels on Wednesday.

Agreement was needed to prevent the price cap on Russian oil being raised from 44 US dollars per barrel (approximately 425 SEK) to 58 dollars - something that would have provided significantly increased revenue for the Russian war chest.

But that deadline is now being pushed back.

The sanctions package is the EU's 21st since the renewed outbreak of war in 2022.