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The European Union (EU) is considering temporarily freezing its price cap on Russian oil as the turmoil in the aftermath of the protracted Middle East conflict has resulted in a huge spike in energy prices, Bloomberg reported on Sunday The EU had set a dynamic mechanism in 2025 according to which the cap is automatically adjusted once every six months to remain 15% below the average price of Russia’s Urals, according to the news outlet. The cap is now set at $44.10 per barrel and is review is to come into play later later this summer. EU rules prohibit European…
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