Media: EU wants to impose a ceiling on oil prices from Russia in the coming weeks

MOSCOW, Sep 23 — PRIME. EU member states are seeking to conclude an agreement within a few weeks that would set a ceiling on Russian oil prices, after the announcement of partial mobilization in Russia, Bloomberg reports, citing sources.

Despite new efforts by the European Commission and some member states, the plan has many obstacles and it is not certain that a positive result will be achieved, the sources said.

“EU member states are seeking to conclude a political agreement within weeks that would impose a ceiling on the price of Russian oil. According to people familiar with the matter, this effort gained momentum after President (of Russia – ed.) Vladimir Putin announced a “partial mobilization” … and is likely to be part of a new package of sanctions to be proposed by the European Commission.

It is noted that representatives of member states will meet with the commission over the weekend to discuss new sanctions, which, in addition to the price ceiling, may include new restrictions on individuals and sectors, such as technology and luxury goods.

Many details remain to be worked out, the sources said, including at what level the price ceiling should be set.

Representatives of national governments in Brussels will aim to reach a preliminary agreement on a price ceiling ahead of an informal meeting of EU leaders in Prague on Oct. 6, the sources said.

One source noted that EU countries that have received incentives for oil coming through their pipelines will want to make sure they remain intact, and countries importing by sea may try to tie the price cap to the currently envisaged total embargo on maritime supplies. Countries such as Greece, Cyprus and Malta may try to shield their industries from the measures, the source said.

After the start of a special military operation to denazify and demilitarize Ukraine, the West stepped up sanctions pressure on Russia, which led to an increase in prices for electricity, fuel and food in Europe and the United States. Russian President Vladimir Putin said that the policy of containment and weakening of Russia is a long-term strategy of the West, and the sanctions dealt a serious blow to the entire global economy. According to him, the main goal of the West is to worsen the lives of millions of people.

In Russia, a partial mobilization has been announced by presidential decree since September 21. According to Defense Minister Sergei Shoigu, it is needed to control the 1,000-kilometer line of contact and the liberated territories in Ukraine. During the mobilization, a total of 300,000 reservists will be called up, which is just over 1% of the total mobilization resource of the Russian Federation. The Minister of Defense of the Russian Federation added that the mobilization of university students is out of the question and will not be. Also, those who are currently serving on conscription are not subject to mobilization and direction to the special operation zone.