00:00EU countries are close to reaching an agreement on a new package of sanctions against Russia.
00:06EU Foreign Policy Chief Kaya Kalas says they are finalizing details on the Russian oil price cap and hope to reach a deal soon.
00:14We are working on this oil price cap. It's alive, so hopefully we'll get an agreement.
00:20Now, like I said to you before, even if the Americans are not on board, but the other G7 countries are on board, then we will move on with this.
00:32The EU and G7 nations currently set a price cap of $60 a barrel on Russian oil, meant to limit Russia's war funding.
00:41But the EU and UK have pushed the G7 to lower the current cap, which has become ineffective due to falling oil prices.
00:48The European Commission on Friday proposed a floating cap, 15% below the average crude price over the past three months, potentially cutting it to around $45 or less.
01:00This will be part of the EU's 18th sanctions package, targeting Russia's energy revenues, banks and military industry.
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