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EU member states are moving closer to a deal to cap Russian oil prices as they seek to cut Kremlin revenues and further punish Moscow for its war in Ukraine, the Financial Times reported.

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EU ambassadors met on Tuesday evening in Brussels to hammer out the final details of the bloc's eighth package of sanctions against Moscow, including a proposal to cap the price of Russian crude oil delivered to countries outside the EU.

The measure has been negotiated for months between the G-7 partners.

Officials briefed on the talks told the Financial Times that the precise details of a price cap on Russian oil exports would not be included in the agreed package and that their implementation would require a new unanimous agreement.

And "Politico" (Politico) cited seven unnamed European diplomats, according to which a preliminary agreement has been reached on the eighth package of sanctions against Russia, which includes a price ceiling on Russian oil.

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A decision on the actual price or price range of the future cap has yet to be made, Politico noted, adding that the United States suggested that information could "come within weeks."

The EU is under pressure to strike a deal on a new sanctions package in response to Russian President Putin's decision to significantly ramp up his more than seven-month-old war against Ukraine, moving to annex four of the country's regions and announcing a partial mobilization to to reinforce his army.

European officials intend to meet again on Wednesday to sign off on the final version of the text of the sanctions package, after which it will come into force after it is published in the EU's official journal.

However, the full implementation of an oil price cap will require consensus among G7 members on the correct level of the cap, and its effectiveness will largely depend on whether major Russian oil importers outside the G7-led coalition , will agree.

Among other measures in the package will be a number of stricter restrictions on imports into Russia, the Financial Times also points out.

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