EU Abandons Proposal to Lower Price Cap on Russian Oil to $45
The European Union shelved a plan for a stricter price cap on Russian oil exports over concerns that the US won't back tougher sanctions due to rising crude prices.
The EU has proposed lowering the cap to $45 per barrel from the current $60, but oil's surge following Israel 's attack on Iran has complicated efforts to find unanimity among the bloc's 27 members.
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