EU countries plan to delay Russian oil price cap amid divisions: Report

European Union nations are struggling to reach an accord on imposing a price cap on Russian oil and will likely push back a deal on the issue until after a broader sanctions package has been agreed.

Cyprus and Hungary are among the countries that have expressed opposition to the oil cap proposal, according to people familiar with the ongoing talks. Sanctions in the EU require unanimity, giving each nation an effective veto.

The European Commission, the bloc’s executive arm, met with member states over the weekend to try to find a compromise on the package of restrictive measures, according to the people. Countries may push to have a preliminary deal ahead of an informal gathering of EU leaders in Prague on Oct. 6.