The European Commission is expected to propose a floating ceiling this week at the price of Russian oil as part of a new package of sanctions, in an attempt to overcome the reactions of some member states, Reuters quoted four European diplomats.

The Commission had proposed in June, in the 18th package of sanctions against Russia for the invasion of Ukraine, the reduction of the price ceiling agreed by the Seven group (G7), from $ 60 to $ 45 per barrel. This ceiling, aimed at limiting Moscow’s revenue for war funding, was initially agreed in December 2022.

The proposal for a lower ceiling emerged in response to a reduction in global oil prices, which made the existing ceiling virtually unnecessarily.

However, Britain and the EU have failed to secure US President Donald Trump’s support at the G7 meeting held in June in Canada.

Oil prices were temporarily ejected close to $ 80 a barrel during the 12 -day war between Israel and Iran in June, before falling back to $ 60.

The EU is now moving on, the news agency notes.

The European Commission is processing a new mechanism that will adjust the ceiling to the price of Russian crude oil based on world prices fluctuations, according to four EU diplomatic sources.

The Commission declined to comment, but one of the sources said the plan is still in processing phase and provides for a more automated revision process so that the ceiling could more effectively reflect international oil prices. According to the same source, the original benchmark for the new floating ceiling will be just over $ 45 per barrel, with no final decision.

At the same time, the report notes that countries with strong shipping such as Greece, Cyprus and Malta have reserved over time against the ceiling due to the possible financial losses for their shipping sector and the fear that shipowners may carry their activities outside the EU.

The existing ceiling prohibits the movement of Russian crude oil by sea if the price exceeds $ 60 a barrel, as well as the provision of shipping, insurance and reinsurance services for such transport, unless the load is sold below that limit.

At the meeting of the G7 finance ministers in Canada in May, US Finance Minister Scott Bessed had expressed skepticism about the need to reduce the ceiling, Reuters said.

However, Donald Trump has hardened his rhetoric against Russian President Vladimir Putin, and leaves open the possibility of proceeding with a new package of US sanctions. Washington now seems to increase support for the possibility of adjusting the ceiling, with senators such as Lindsay Graham expressing their support for reducing the limit.

Even if EU ambassadors come to an agreement on the revised ceiling mechanism, Slovakia maintains objections and threatens to block the entire sanctions package due to its concerns about the EU’s plan to end Russian energy imports by 2027.