"I do not think the agreement will come from this meeting [on Thursday], we will have to continue working at the level of the COREPER [the EU Permanent Representatives Committee]," Borrell said ahead of the EU summit in Brussels.
The EU, Britain, and the United States imposed economic restrictions against Moscow after Russia launched a military operation in Ukraine on February 24. In October, the EU introduced the eighth package of sanctions, which included a legislative basis for setting a price cap for maritime shipments of Russian oil to third countries.
In December, the EU also reached an agreement on setting a price cap on Russian oil at $60 per barrel, which went into effect on Monday. The cap will be reviewed every two months to remain at 5% below the International Energy Agency benchmark. The G7 nations and Australia also agreed the same day to set a $60 price ceiling on oil from Russia. Moscow, however, lambasted the decision, stressing that it would only sell oil to the countries on a market basis.