Representatives of EU countries were originally scheduled to meet on Friday (25th) to discuss the issue of the Russian oil price ceiling in the seven major industrialized countries (G7), but the meeting was cancelled.

(Midland file photo)

[Financial Channel/Comprehensive Report] People familiar with the matter said that representatives of EU countries were originally scheduled to meet on Friday (25th) to discuss the issue of the Russian oil price ceiling among the seven major industrialized countries (G7), but the meeting was canceled and the discussion was postponed to next Monday.

"CNBC" reported that regarding the postponement of the meeting, diplomats revealed that it was due to insufficient consensus among all parties, and it was not clear how long it was before reaching an agreement.

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The G7 oil price cap will come into effect on Dec. 5, a measure that seeks to prevent shipping, insurance and reinsurance companies from handling Russian crude at prices above the agreed ceiling unless it sells for less than prices set by the G7 and its allies.

Governments in the European Union are currently divided on capping oil prices in Russia.

Poland, Estonia and Lithuania want the price ceiling to be lower than the current G7 level of $65 to $75 a barrel, and Poland even hopes to join the new sanctions against Russia.

Malta, Greece, and Cyprus want higher prices to compensate for the expected losses of large companies.

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