Estonia ready to use veto right in setting Russian oil price cap

TALLINN. Nov 24 (Interfax) - Estonia is ready to use its veto right in setting the European Union's price cap for Russian oil, Estonian Foreign Minister Urmas Reinsalu said.

"In Estonia's opinion, this price horizon is not ambitious enough, also considering that the European Union has not reached a consensus on the ninth package of sanctions. This oil price level seems too high," Reinsalu said at a press conference on Thursday, speaking of the readiness of some EU members to cap the oil price at $60-$70 per barrel.

"We should be loud and clear about our stance on such a life or death issue as it is now in the conflict. So, the discussions are ongoing," he said.

According to Western media, Poland, Estonia and Latvia have objected to the G7 proposal of setting the price cap at $65-$70 per barrel. They think this price is too high and leaves Russia with too much income. Thus, Poland insists on capping the price to $30.

Meanwhile, Politico said on Thursday that most EU countries agreed to the G7 proposal.

EU permanent representatives will continue to discuss the oil price cap on Thursday afternoon.

As proposed by the G7, the price cap for Russian oil should take effect on December 5.