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EU Nears Cap on the Price of Russian Oil



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A complex effort by Ukraine’s allies to deprive Russia of billions of dollars in oil revenue by putting a cap on the price paid for its crude is reaching a crescendo this week.European Union diplomats will meet on Wednesday to try to set that price after discussions with the United States and other Group of 7 industrialized nations, with two weeks to go before the cap is scheduled to take effect.The diplomats’ meeting in Brussels will mark the last stage of implementing the policy that requires regulatory and logistical alignment in the complicated business of ferrying the fuel out of Russia to markets such as India and China.The policy must be in place by Dec. 5, when the European Union’s near-total embargo on Russian oil begins, one …

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