The new mechanism is being drafted after earlier proposals to lower the G7-imposed $60 per barrel cap to $45 met resistance from some member states and failed to gain U.S. support.The floating cap would be reviewed more automatically and could start slightly above $45, though details are still under discussion. The move comes amid concerns that the fixed cap has become ineffective due to falling oil prices.Shipping-dependent countries like Greece, Cyprus, and Malta remain cautious, worried the measure could harm their maritime industries if businesses shift outside the EU.
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Even if consensus is reached on the new price cap mechanism, Slovakia continues to oppose the broader sanctions package, citing concerns over the EU’s plan to fully phase out Russian energy imports by 2027. As EU sanctions require unanimous approval, this remains a key obstacle.
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