A solution is being sought at the last minute at an extraordinary ambassadorial meeting late Tuesday afternoon.
Before midnight, EU countries need to agree on their 21st sanctions package. Otherwise, one of the consequences will be an automatic increase in the price cap that currently sets a maximum price for what Russia is allowed to earn on its oil.
The sanctions package has already been scaled back after Bulgaria said no to measures against the head of the Russian Orthodox Church and Germany opposed a ban on imports of Russian Alaska pollock. A planned visa ban for Russians who fought in Ukraine has also been watered down in the negotiations.
Among the remaining issues is opposition to further measures against Russian liquefied natural gas and demands for an exemption for the Austrian bank Raiffeisen.
