The European Union’s new round of sanctions against Russia is still up in the air after ambassadors failed to reach a deal during a meeting on Friday.
The clock is ticking fast: the bloc has set 24 February, coinciding with the fourth anniversary of the full-scale invasion of Ukraine, as the deadline for approval.
According to diplomats familiar with the process, the main point of contention is a full ban on maritime services for Russian oil tankers, which, if enacted, would terminate the price cap that the Group of Seven (G7) established in late 2022.
Brussels has concluded that the cap, currently set at $44.10 per barrel, is no longer living up to expectations, and additional…