BRUSSELS — EU countries failed for a third consecutive day on Wednesday to agree on a new package of sanctions against Russia, forcing them to temporarily freeze the bloc’s price cap on Russian crude for another week.
Ambassadors deferred further discussions to July 22 while agreeing to temporarily maintain the oil price cap at $44.10 per barrel until July 23, two EU diplomats familiar with the matter said.
Ireland, which currently holds the rotating presidency of the Council of the EU, scheduled a new meeting of EU ambassadors on July 22.
Without another extension next week, the cap will automatically bounce higher because oil prices have risen due to the war in Iran — handing Russian President Vladimir Putin a windfall. The European Commission is legally obliged to recalculate the price ceiling after July 15 but the new cap would become effective only on Aug. 1, giving the executive some leeway.
