BERLIN—The European Union is advancing work on a price cap for Russian oil under an approach that keeps the U.S.-led effort on track, but holds off on final approval.
EU member states are near to agreeing on a two-stage approach to the international price cap on Russian oil, which is being developed within the Group of Seven industrial economies. EU officials are preparing legislation needed to implement the measure, but are likely to hold off approving it until the rest of the G-7 is ready, diplomats and officials said.
