#Russia_Energy: The EU has not yet decided which oil price cap should apply. There are three opinions: 1) Poland leads the group that advocates a cap below $65 per barrel; 2) Greece favors the $70 cap as it has a large shipping industry; 3) Most, including Germany, are ⤵️
targeting the $65 top price. Anyway, it is well known that Russian oil sells for up to 25% off or ~$65 per barrel. That means the $65 price ceiling will not hit Russia hard. However, with the EU embargo on Russian seaborne oil in place on Dec 5, Russia will have more trouble ⤵️
marketing its oil. In the event that the price rises due to market shortages (coordinated by Russia with OPEC+), Russian oil will continue to be sold with discounts. Market traders may ask for lower priced oil from Russia due to the risks of secondary sanctions for trading in it.
Poland insists on an oil price cap of $30 per barrel. Warsaw is probably well aware that such a cap is difficult to implement. However, lowering it to that level gives more maneuvering space to Poland to attempt lowering the cap of $65, which is widely accepted among EU states.
There is no unanimity on the oil cap price. The gap between the Polish $30 proposal & the Greek-Maltese one of $70 a barrel is unbridgeable for now. EU states took a break to reexamine the modalities for concessions. Without unanimity, the EU cannot join the G7 in setting a cap.
In the context of the oil price cap discussion, it is useful to take a look at Russian exports that have changed ahead of the December 5 deadline.👇 
https://twitter.com/bofitresearch/status/1596097497100861441
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