EU negotiations on Russian oil price cap suspended due to disagreements between the parties

European Union diplomats have temporarily suspended talks on limiting the price of Russian oil, because Poland and the Baltic states opposed a proposal that seemed too generous for Moscow.

An agreement was supposed to be reached Friday night, but the sides remained adamant and talks had to be rescheduled for Monday, Rigzone.com reported.

Poland and other Baltic countries were outraged by a proposed price cap of $65 dollars per barrel for Russian oil, as this level exceeds the prices at which Moscow is selling oil now.

Maritime states such as Greece support higher oil prices, which would help maintain trade flows.

The deadline to implement EU sanctions on Russian oil — December 5 — is approaching, so if the price cap is not in place, the market situation will become more tense.

Oil prices have dropped over the last few days, partly amid signals of the possibility of a deal that would keep Russian oil flowing, easing pressure on the global market.