EU Considers Freezing Russian Oil Price Cap as Middle East Conflict Drives Energy Prices Higher
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The European Union is considering freezing the price cap on Russian oil as the Middle East conflict has significantly increased energy prices. The current limit is set at $44 per barrel, but under further assessment it would automatically rise to $65 per barrel. The EU is seeking ways to prevent Moscow from profiting from the sharp increase in oil prices caused by regional instability. The price cap mechanism was introduced as part of Western sanctions against Russia following its invasion of Ukraine, designed to limit revenue that could fund the war effort while maintaining global oil supply stability.