The EU will likely delay a cap on Russian oil prices as the bloc struggles to reach an agreement, report says

The European Union is likely to delay a cap on Russian oil prices as the 27 country bloc struggles to reach an agreement on the matter.

According to sources, Cyprus and Hungary are still opposed to the price cap.

The EU's executive branch, the European Commission, met this weekend to discuss the new sanctions on Russia.

The West was put under a lot of pressure to tighten sanctions because of Russia's threat to use nuclear weapons.

The EU's ban on Russian oil imports will take effect in December, and the G7 wants a price cap.

The goal is to allow Russian oil supplies to flow while limiting how much revenue Moscow can make from the war in Ukraine.

Experts doubt how effective a price cap on Russian oil would be, since it would likely require agreement with Russian allies who have been buying Russian crude at steep discounts.

If Western nations impose an oil price cap, Russia will retaliate. Russia's energy minister said the country would just ship more crude to Asia if a price cap was put in place.