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Estonia threatens to use veto power in dispute over Russian oil price ceiling in EU

USA (, - Estonia insists in the EU on the establishment of a lower price ceiling for Russian oil than the G7 countries propose. Estonian Minister of Foreign Affairs Urmas Reinsalu made it clear that Tallinn could exercise its right of veto in the EU on this issue, writes

Reuters reported on Thursday that the permanent representatives of EU member states in Brussels failed to agree on a maximum price for Russian oil within the proposed G7 level of $65-$70 per barrel.

“According to Estonia, such a price horizon is not ambitious enough, also taking into account the fact that we in the European Union failed to reach an agreement on the ninth package of sanctions. This level of oil prices seems too high,” Reinsalu said at a government press conference.

“This is a question at these critical moments when all member states have an equal voice in such a decision-making format,” added the Estonian Foreign Minister, referring to the EU rules, according to which, in order to make decisions on foreign policy issues, it is necessary to reach a consensus, i.e. to reach a consensus. e. Each country has the right to veto.

“Of course, it is reasonable for us to clearly express our position on such an issue of life and death as it is now in the war. Therefore, these discussions are ongoing,” Reinsalu said.

Reuters noted on Thursday that Poland, Estonia and Latvia oppose such a high price. It is noted that since the cost of Russian oil is about $ 20 per barrel, its purchase at $ 65-70 will still leave Moscow with a very high income. According to Politico and Reuters, Poland demanded a price cap of $30.

US Treasury Secretary Janet Yellen said a ceiling on Russian oil prices could be $60, Politico reported Thursday.

According to the publication, the majority of EU member states still agree with the price level proposed by the G7.

However, according to Reuters, Greece, Cyprus and Malta, which have large oil tanker fleets that would be hardest hit if Russian oil exports decline, believen such a price ceiling is currently too low and are demanding compensation or a longer transition period. period.

According to the G7 proposal, the price cap on Russian oil should come into force on December 5. The permanent representatives of the EU member states continue to discuss the issue.

The price of the reference North Sea Brent oil on the world market currently fluctuates around $ 85. Russian Urals oil is usually sold at a discount to Brent.

Estonia threatens to use veto power in dispute over Russian oil price ceiling in EU