More work needed to implement Russian oil cap - EU officials

That means the EU's decision is more of a first step towards putting in place an oil cap, rather than actually already implementing it. "Discussions on how the pricing will be set are still needed," said the officials.

Many more details need to be worked out within the G7 and the European Union before a price cap for Russian seaborne oil deliveries to third countries could take effect, European Union officials said on Thursday. The EU agreed this week the eighth package of sanctions against Russia for waging a war in Ukraine, including an oil cap that would align the bloc with the U.S. and the G7 group of the world's most industrialised countries, including EU members France, Germany and Italy.

But many details are yet to be agreed including the actual pricing mechanism, said the officials, who spoke under condition of anonymity. That means the EU's decision is more of a first step towards putting in place an oil cap, rather than actually already implementing it.

"Discussions on how the pricing will be set are still needed," said the officials. They added there was "some time pressure" to figure out the more nuanced approach compared to the EU's previously agreed blanket ban for European firms on providing insurance and banking services to Russian oil shipments that would otherwise kick in from December.

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