EU Divisions Prompt Further Delay on Oil-Price Cap

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Egypt
  • Date: 27-Sep-2022
  • Source: Bloomberg
  • Sector:Oil & Gas
  • Country:Egypt
  • Who else needs to know?

EU Divisions Prompt Further Delay on Oil-Price Cap

Welcome to the Brussels Edition, Bloomberg’s daily briefing on what matters most in the heart of the European Union.

The EU will unveil in the coming days new sanctions against Russia following the recent discovery of more potential war crimes, Putin’s efforts to push through sham referendums in Ukraine and his nuclear threats. The package will further tighten export controls on electronic components that go into weapons used against Kyiv. It is seen as one of the most efficient measures to hit Moscow’s war machine as the country needs more arms to equip the 300,000 soldiers it’s seeking to recruit. But setting an oil-price cap as agreed by G-7 leaders seems more elusive and will need more time. Details could come only next week as some member states including Hungary still need to be convinced.

— Jorge Valero

Gas Cap | With the Commission’s plan to impose a gas-price cap likely delayed, the institution is set to only share a technical document on the feasibility of such a measure this week in spite of the pressure from some member states, we’re told. As the energy crisis drags on, the economic hit risks dwarfing the fallout from the global financial crisis.

Keep Tightening | The