- We invite all countries to provide input on price cap and implement 'important' measure
- Will also develop targeted mitigation measures to ensure vulnerable countries maintain access to energy markets
- Aim to implement price cap with the timeline of related measures in EU's sixth sanctions package (early Dec)
- Initial price cap based on a range of technical inputs, price level will be revisted as necessary
This is an untried move that's been championed by Yellen. The big question is whether it takes any oil off the global market. The EU import ban goes into effect at the same time.
Look at this word salad (full statement pdf):
WTI crude oil is $2.11 higher today but that's because of some negative rumblings on the Iran deal.
