EU Floats Dynamic Price Cap on Russian Oil Under Market Pressure

The European Commission has proposed a major overhaul to its Russian oil price cap regime, introducing a floating benchmark tied to global crude prices in an effort to regain control over a sanctions tool that has lost impact as oil markets decline, Reuters reported on Thursday.  Under the new draft plan, disclosed Thursday, the existing $60-per-barrel cap on Russian seaborne crude would be replaced by a flexible mechanism that tracks international prices, likely pegged to Brent, while staying below market rates to maintain pressure on Kremlin…