European Union envoys are on the verge of agreeing an 18th package of sanctions against Russia for its full-scale invasion of Ukraine that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.

The European Union took a tentative step closer to a new price-cap regime on Russian oil that would aim to push the price of Moscow’s barrels down even further and keep the pressure on in the future.

The European Commission has suggested a floating price cap on Russian oil, targeting 15% below the average market price over three months. This initiative aims to further limit Russia's war financing capabilities.