EU Considers Freezing Russian Oil Price Cap at $44.10/Barrel Ahead of July Review

GateNews
According to Jin10, on May 31, the European Union is considering temporarily freezing its dynamic price cap mechanism on Russian oil amid escalating Middle East conflict. The current price cap stands at $44.10 per barrel, set to be reviewed in July. The EU's dynamic system typically adjusts the cap every six months to 15 percent below Russia's Urals crude average. The July review could push the limit to at least $65 per barrel, surpassing the Group of Seven's previous $60 ceiling. A freeze would maintain the cap at its present level. Oil prices have surged due to Iran's conflict and Hormuz Strait closure.
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