The American Wall Street Journal (WSJ) said that the European Union (EU) asked its member- states to set a ceiling for the price of Russian oil at $ 60 a barrel, in an attempt by the West to reduce the Kremlin's oil revenues while continuing to flow and avoid an increase in global energy prices.
Bloomberg agency also reported that the European bloc is also looking into a mechanism to allow regular assessment and possible price revisions every two months starting from mid-January, according to informed sources, who indicated the need for there to be an agreement on any future price reset and for it to be at least 5% lower than market rate.
The European Commission has asked the bloc to agree to a price cap as discussion of the proposal begins Thursday, the WSJ reported.