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Europe's plan to cap the price of Russian oil hits a wall as Poland reportedly insists on $30 a barrel | Business Insider

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Europe's plan to cap the price of Russian seaborne crude has stalled just days before its due date. 'Uncompromising' Poland is insisting on a cap of $30 a barrel, Reuters reported, citing a diplomat.

has stalled just days before the measure is due to come in, thanks to Poland and other countries digging in their heels on the proposed level.

"There is no deal. The legal texts have now been agreed, but Poland still can't agree to the price," a diplomat toldThe EU has discussed a cap of $65-$70 a barrel on Russian oil, but Poland — along with Lithuania and Estonia — has insisted that was too high. The three countries have pushed for a level of $30 a barrel so that Russia wouldn't earn a profit.

The countries haven't set a new date for talks, per Reuters, despite the fast-approaching deadline for the measure on December 5. That's when the EU's embargo on seaborne crude imports is set to come in.

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