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EU close to deal on capping price of Russian oil - live updates

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Posted By TheNewsCommenter: From News.yahoo.com: “EU close to deal on capping price of Russian oil - live updates”. Below is an excerpt from the article.

Ambassadors for EU member states met in Brussels on Tuesday evening and are close to settling an agreement for another round of sanctions on Moscow which is set to include a cap on the price of crude, the Financial Times has reported.

The details of the cap are not expected to be included in the new sanctions package, the newspaper cited sources as saying, signalling that member states will still have to come together for unanimous agreement on the price cap in order to implement it.

Brussels has been seeking to curtail the Kremlin’s soaring oil revenues following Vladimir Putin’s invasion of Ukraine and talks appear to have been given urgency by the alleged Russian ‘sabotage’ of the Nord Stream pipeline last week.

The blue-chip index fell as much as 0.6pc in early trading, dragged down by major energy and banking stocks.

Tesco pushed 0.2pc higher even after it trimmed its profit guidance amid tough competition from discount rivals.

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