EU Likely to Approve G-7 Cap on Russian Oil Price in Two Steps

BERLIN — The European Union is moving ahead with work on capping Russian oil prices in an approach that keeps the US-led effort on track, but without final approval.

EU member states are close to reaching an agreement on a two-stage approach to an international price cap for Russian oil, which is being developed in the Group of Seven industrial economies. EU officials are preparing the necessary legislation to implement the measure, but are likely to delay approving it until the rest of the G-7 is ready, diplomats and officials let know.