Several diplomats involved in the talks said that the European Union reached an agreement late Tuesday on the price of Russian oil as part of a package of sanctions.
Greece, Malta and Cyprus -- maritime nations most affected by the cap - received assurances that their business interests would be preserved, the diplomats said. The countries had been holding up what would be the eighth sanctions package the European Union has adopted since the Russian invasion of Ukraine, because of concerns that a cap on Russian oil exports outside the bloc would affect their shipping, insurance, and other industries, the diplomats said.
The sanctions package is not expected to change much as it is set to go through the final approval process on Wednesday.
Russia is raking in billions of dollars in revenue even as it sells smaller quantities of oil. The cap is intended to set the price of Russian oil lower than where it is today, but still above cost. The cap would deprive the Kremlin of tens of billions of dollars annually, according to the U.S. Treasury.