European Differences Over a Russian Oil Price Cap Persist

European Differences Over a Russian Oil Price Cap Persist

European Union officials once again failed to agree to the terms of a price cap on Russian oil sales, with negotiations over the details of the unprecedented sanctions program continuing with a week left to implement it. The European Commission, the EU’s executive arm, proposed setting the price cap at $65 per barrel during talks on Monday, according to diplomats, three of whom said EU officials suggested the figure could be cut to $62 per barrel. WSJ’s Joe Wallace explains how the tankers are Europe’s attempt to address the energy shortage and what it might mean for the continent this winter.