European Commission not to alter Russian oil price cap proposal by EU summit - spokesperson

BRUSSELS. June 24 (Interfax) - The European Commission has proposed a price cap for Russian oil, and it will be offered to the attention of the EU leaders at the summit on June 26-27, European Commission spokesperson Arianna Podesta said.

"The [European] Commission has put forward a sanctions package and lowering the oil price cap [...] Of course, the commission sticks with what it has proposed. The [European Commission] president engages with leaders and there will be an outcome of the [European Council] EUCO that will be shared among the leaders [...] The commission's proposal is the same," Podesta said at a press briefing in Brussels on Tuesday.

Journalists asked Podesta whether the European Commission's call for lowering the Russian oil price cap from $60 to $45 per barrel remained valid in the light of recent remarks by certain EU officials that the price cap of $60 was effective amid the Iranian-Israeli conflict, which caused a surge in oil prices.

"Our proposal of the old price cap is there and stands, and it is it to lower it, to be even more biting for what regards the revenues of Russia from oil [...] The current cap was having an impact on the Russian economy and on limiting their revenues. This does not mean that we don't want to lower the price cap. It was just a factual consideration on the fact that the higher of the current oil price cap is already having an effect on Russia." Podesta said.

"It's now for the [European Council] EUCO to bring it forward [...] There is a EUCO coming and it's now for the leaders to bring this forward," she said.