Russian oil price ceiling may become higher, EC says

BRUSSELS, June 4. /TASS/. The European Commission has for the first time admitted the possibility of increasing the so-called "price cap" for Russian oil in view of the conflict around Iran.

"The mechanism indeed is calculated on the basis of a 6-month average minus 15%," Commission Spokesperson Siobhan McGarry said. "We, of course, remain totally committed to the oil price cap as a mechanism. And the mechanism, mechanism itself can go up and can go down," she noted.

The oil price cap now stands at $44.1 per barrel.