This decision was made in order to buy time for a broader agreement on new sanctions against Moscow.
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A last-minute compromise was reached just a few hours before the deadline, after which the price caps would have risen from the current level of 44 US dollars (38.5 euros).
Brussels desperately tried to avoid such a scenario, as it seeks to limit Moscow’s oil revenues despite the price surge triggered by the war in the Middle East.
The EU wanted to change the oil price cap rules in the new sanctions package to maintain the current level for a few more months.
However, the new round of sanctions – the 21st that the EU wants to impose on Russia since the invasion of Ukraine began in 2022 – has faced difficulties since the proposal was made last month.
Various countries opposed different parts and sought to soften them.
Despite days of negotiations, ambassadors failed to reach a final agreement.
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Bulgaria reported that it managed to block the inclusion of Russian Orthodox Patriarch Kirill on the “blacklist”.
According to diplomats, Germany opposed the ban on importing Alaska pollock from Russia – a fish widely used for feeding children.
There was also an attempt to soften the plan to introduce a broad visa ban on all Russians who participated in the war in Ukraine.
EU diplomats indicated that a final agreement is expected to be reached by July 23.
