The EU plans to further lower the price cap on Russian oil.

Jin10 data July 12 news, the EU is gradually advancing a new price cap mechanism for Russian oil trade, which aims to further lower the price of Russian crude oil and maintain long-term sanction pressure. According to informed sources, member states are reviewing a new proposal to lower the current price cap threshold of $60 per barrel and introduce a mechanism for automatic adjustment every three months based on market prices. According to the proposal details, the new cap will be set at a level 15% below the 10-week average oil price. Based on current oil prices, the cap will initially drop to about $50 per barrel. Although shipping powers Greece, Malta, and Cyprus have previously expressed reservations, they are now showing an open attitude. These unnamed sources emphasized that the final plan still requires approval from all member states. The existing price cap has been criticized for poor enforcement but remains an important basis for Western sanctions against Russian oil.