Oil Prices Slide After EU Appears To Fold On 'Tough' Russian Crude Price Cap Scheme | ZeroHedge
Just days ahead of the planned implementation of their cunning plan, and just days after former U.S. Treasury Secretary Steve Mnuchin called the G7's price cap plan on Russian oil "ridiculous", it appears the European Union has folded on its tough approach to punish Putin. Mnuchin panned the proposal to cap prices as “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.” Bloomberg reports that the European Union watered down its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions. The bloc proposed adding a 45-day transition to the introduction of the cap, according to a document seen by Bloomberg. The proposed grace period would apply to oil loaded before Dec. 5 - the date oil sanctions are due to kick in - and unloaded by Jan. 19, aligning the EU to a clause previously announced by the US and the UK. The draft legislation also softened an earlier provision that would have 
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### Response: Just days ahead of the planned implementation of their cunning plan, and just days after former U.S. Treasury Secretary Steve Mnuchin called the G7's price cap plan on Russian oil "ridiculous", it appears the European Union has folded on its tough approach to punish Putin. Mnuchin panned the proposal to cap prices as “not only not feasible, I think it’s the most ridiculous idea I’ve ever heard.” Bloomberg reports that the European Union watered down its latest sanctions proposal for a price cap on Russia’s oil exports by delaying its full implementation and softening key shipping provisions. The bloc proposed adding a 45-day transition to the introduction of the cap, according to a document seen by Bloomberg. The proposed grace period would apply to oil loaded before Dec. 5 - the date oil sanctions are due to kick in - and unloaded by Jan. 19, aligning the EU to a clause previously announced by the US and the UK. The draft legislation also softened an earlier provision that would have 