The price of Rosneft fell below the limit proposed by the EU

The price of the leading brand of russian oil, Urals, fell below the level on which the countries of the European Union are trying to agree.

Urals fell to $51.96/barrel in the port of Primorsk on the Baltic Sea. The price in Novorossiysk, on the Black Sea, fell to the same level, Bloomberg reports.

At the end of last week, European diplomats discussed the introduction of a price limit for russian oil at the level of $65-70/barrel. A buyer who pays more than the established “ceiling” will not be able to use European vessels or European insurance that meets industry standards.

But the EU has still not reached an agreement on the necessary price limit. The Baltic states and Poland are insisting on a lower price cap for Russian oil. Ukraine advocates limits at the level of $30-40/barrel.

And Greece, which is the world’s largest state-owner of oil tankers, offers a price higher than the one that can be introduced in the EU. But the higher the limit, the easier it will be for a terrorist country and its clients to hire tankers with standard insurance.

After the diplomats determine the price limit for oil from russia, it must be approved by the G7.